"Household bills to plunge by £500 as Putin's energy war fails"

[dutchman]

Vladimir Putin's squeeze on supplies has not stopped European gas prices from falling this year



Household energy bills are expected to fall by an average £500 from July in a sign that Vladimir Putin's attempt to "weaponise" Russia's gas supplies has failed.

A typical household's energy bill will drop to the annual equivalent of £2,053 between July and September, according to a closely-watched forecast by Cornwall Insight. The forecast is based on a predicted change to the energy price cap.

It will mark the first time energy bills have fallen in almost three years, as European gas prices continue to tumble from the highs reached last year following Putin's attack on Ukraine.

Regulator Ofgem set the price cap at £3,280 for March to June, down from a high of £4,279 in the previous three months.

However, household bills have been capped at about £2,500 per year under the Government's energy price guarantee, which has been in place since October.

The Government has been paying energy companies the difference between the regulated price cap and its energy price guarantee.

July will be both the first time that the price cap has dipped below the guarantee's level and the first time consumer bills have fallen in two years and nine months.

Dr Craig Lowrey, principal consultant at Cornwall Insight, said: “As many people continue to suffer from the cost-of-living crisis, this will hopefully bring some cautious optimism that the era of exceptionally high energy bills is behind us."

[dutchman]

Mine has just gone up by £85 a month and according to This is Money mine is one of the smaller rises!

[rebbonk]

I will believe this when I see it reflected in my own bills. I'm currently paying 100% more than I was last year and I'm on one of the better deals.

A quick win for the consumer would be to cut the ridiculous green levy, drop the outrageous 'standing charge' or drop the premium we are paying because of failed supply companies that had unsustainable business plans. But none will happen, we will be bled dry by corporate and government greed.