Français
Deutsch
Español
Italiano
Português
日本語
한국어
Русский
Snap Action Thermostat Market Extensive Global Trade Data
Aug 27, 2023What type of weather thermometer is the most accurate?
Aug 13, 2023Why homes often feel warmer than the thermostat suggests
Aug 30, 2023Yummly's elegant magnetic smart meat thermometer now down at $66 (2023 low)
Aug 14, 2023Analysis: Why your home might feel hotter than the thermostat says, and tips for cooling it down
Aug 20, 2023British energy regulator Ofgem cuts energy bills to lowest since late 2021
Jun 26, 2023Aug. 25 (UPI) -- With energy prices lower than year-ago levels, British energy regulator Ofgem on Friday cut its price cap by just over 7% for household bills.
From Oct. 1 through Dec. 31, the cap on energy bills will be set at $2,434, down from the $2,626 set for the July-September billing period. Ofgem said it estimates that households will save an average of $190 compared with the previous cycle.
The regulator said the decrease brings the price cap to its lowest level since October 2021. The decline came as a result of lower wholesale energy prices relative to year-ago levels. Energy suppliers, meanwhile, are in a better financial position after four straight years of headwinds.
"There are signs that the financial outlook for suppliers is stabilizing and reasonable profits are returning," said Ofgem CEO Jonathan Brearley.
New tax codes, he added mean there's "no excuse" for suppliers to not pass down those savings to the consumer level.
"There are great examples of suppliers already doing this but I want to see this become the norm in such an essential sector that has such a big impact on people's lives," he stressed.
Energy bills were elevated for much of last year given the premium on commodities from the Russian invasion of Ukraine in February 2022. Europe and Britain saw wholesale prices climb as they worked to wean themselves off Russian supplies.
The National Grid, tasked with keeping power supplied to Britain, said last year the invasion of Ukraine upended global energy markets and should the Kremlin tighten supplies on its own, it would mean short-term power disruptions for the upcoming winter heating season.
Regional supplies are secure, though Ofgem said there are no guarantees about the future.
"It is welcome news that the price cap continues to fall, however, we know people are struggling with the wider cost of living challenges and I can't offer any certainty that things will ease this winter," he said.