Responding to the announcement from Ofgem that the Energy Price Cap will fall by 7 per cent to £1,720 from 1st July 2025, Simon Virley CB, Vice Chair and Head of Energy and Natural Resources at KPMG UK, said:
“Today’s decrease in the energy price cap is the result of falling gas prices and will bring costs back to where they were at the end of last year. This is good news for households still struggling with the cost of living.
“With upward pressures on the cost of renewables, due to supply chain and other constraints, if gas prices continue to fall, it will be harder to argue that switching from gas to renewables will help bring energy bills down in the near term.”
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Notes to editors:
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About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.99 billion in the year ended 30 September 2024.
KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.