UK household energy bills to fall as Ofgem lowers price cap by 12.3%

One of the many consequences of Russia’s invasion of Ukraine was soaring energy costs here.

But wholesale prices have gradually fallen – and today, here in the UK, the regulator Ofgem announced it will be lowering its price cap by 12.3 percent in response.

It means energy bills for a typical household should drop by an average of £238 over the course of a year.