The energy price cap has fallen to its lowest level since Russia’s invasion of Ukraine in 2022, Ofgem has confirmed. In an update to the default tariff cap, the regulator said it will fall by just over 12% on the previous quarter from 1 April to 30 June 2024. Despite this milestone, the regulator has warned that energy debt has reached a record figure of £3.1 billion. As such, it has made a decision to introduce a temporary adjustment to the cap which will allow suppliers to recover costs related to increased levels of debt.
Price cap falls to lowest level in two years
