FILE PHOTO: The sun rises behind electricity pylons near Chester, northern England October 24, 2011. REUTERS/Phil Noble/File Photo
The reduction, to the lowest level since the cap began, was due to a fall in wholesale gas prices since February as lockdowns on business and homes hit demand, Ofgem said. The cap for average annual consumption on the most common tariffs, used by around 11 million households, will fall by 84 pounds to 1,042 pounds, while for some 4 million homes on pre-payment energy meters it will fall by 95 pounds to 1,070 pounds a year, Ofgem added on Friday.
“Our assessments shows this is not the right time to remove the cap,” Jonathan Brearley, Ofgem’s chief executive, told reporters on a call.
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