5/25, 8:32 AM (Source: TeleTrader)
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UK regulator sets annual energy cap at £2,074

Britain's Office of Gas and Electricity Markets (Ofgem) announced on Thursday the annual price ceiling on energy bills in the country will be set at £2,074 between July and September, which is a reduction of £1,206 from the cap in the previous quarter.

"After a difficult winter for consumers it is encouraging to see signs that the market is stabilising and prices are moving in the right direction. People should start seeing cheaper energy bills from the start of July, and that is a welcome step towards lower costs," Ofgem Chief Executive Officer (CEO) Jonathan Brearley said, but warned that the upcoming winter could be "tough" for many families this year.

The regulator emphasized that energy prices are unlikely to return to the levels seen before to the energy crisis, which occurred more than 18 months ago.

Baha Breaking News (BBN) / AB