UK's Ofgem lowers price cap by 7%, but consumers still face high bills

Britain's energy regulator has lowered the price cap on household bills by about 7% as wholesale prices continue to fall, but customers will still face a tough winter and high bills with no government support.

Ofgem on Friday cut the cap on household energy bills £1,923 a year for a typical dual-fuel household, and said it would save an average of £151 compared with the previous quarter.

About 29 million customers are on standard rate tariffs protected by the price cap.

However, consumers will still pay almost double for gas and electricity than before the unprovoked Russian invasion of Ukraine sparked a surge in prices. They will also receive no support from the government, which provided a £400 payment to all homes last winter.

Reporting by Frank Prenesti for Sharecast.com