Gas Prices To Reduce In The UK

• Ofgem is expected to lower the energy price cap in April.

• Cornwall Insight forecasts a 7% reduction in the price cap from 1 April.

• The projected reduction is £117 per year for a typical dual fuel household.

• Annual bills are forecast to fall to £1,641 from April 1.

• An earlier forecast predicted an 8% (£138) reduction.

• Ofgem will confirm the official cap level by February 25 for the April–June quarter.

• The reduction is linked to the Government’s decision to abolish the Energy Company Obligation (ECO) scheme.

• Rachel Reeves announced the ECO scheme would be scrapped last November.

• The Government pledged the change would cut £150 from average bills.

• Cornwall Insight estimates actual savings at about £145 after VAT and pricing allowances.

• Rising energy network operating and maintenance costs have reduced some savings.

• Wholesale energy prices have increased since December.

• Gas prices have been volatile due to geopolitical factors.

• The Department for Energy Security and Net Zero said the Government is delivering an average £150 cost reduction from April 1.

• Uswitch stated all households will see bill changes from April, regardless of tariff type.

• Actual savings will depend on individual energy consumption.

• End Fuel Poverty Coalition advised consumers to review unit rates and standing charges.

• TotallyMoney CEO Alastair Douglas said some suppliers are undercutting the price cap.

• He stated consumers could save up to £917 per year by switching suppliers.