Ofgem Lowers UK Energy Price Cap, Cuts Bills by £129 From July

Energy regulator Ofgem has announced a 7% reduction in the energy price cap, effective from July 1, leading to a typical household bill falling by £129 to £1,720 annually. This comes after three consecutive price increases and is attributed to a slump in gas and oil prices following international trade tensions. While the reduction provides some relief, energy costs remain significantly higher than at the start of the decade, and many households continue to struggle with affordability amid a broader cost-of-living crisis. The price cap affects around 22 million households in England, Scotland, and Wales and is reviewed quarterly, with experts predicting modest drops in subsequent months. In parallel, Octopus Energy has introduced a new Tenant Power tariff aimed at social housing tenants with solar panels and batteries, potentially saving them up to £200 annually, while also incentivizing landlords to invest in green technologies. This initiative is designed to benefit both tenants and landlords, promoting affordable, low-carbon energy solutions in social housing.