Responding to the announcement from Ofgem that the energy price cap will fall 7% to £1,641 from 1st April 2026, its lowest level since July 2024, Simon Virley CB, Vice Chair and Head of Energy and Natural Resources at KPMG UK, said:
“This cut will come as a relief to many households still feeling the squeeze from higher living costs. Decisions in the November Budget to remove some green levies from bills and shift more of those costs into taxation have resulted in the price cap falling to its lowest level since the summer of 2024.
“However, the £117 on average coming off bills from April does fall short of the £150 announced in the November budget. That’s because some of this saving has been offset by the ongoing cost to upgrade the electricity grid.
“With network charges and policy costs expected to continue to rise over the coming years to facilitate upgrades to the GB power system, the question is whether bills can keep falling against this backdrop.”
-ENDS-
Notes to editors:
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