Lewes MP Welcomes Ofgem Reduction of Energy Price Cap

Maria Caulfield, Member of Parliament for Lewes, has welcomed the announcement from the energy regulator Ofgem that there will be a significant reduction of the energy price cap for the second quarter of 2024.

The price cap, which sets a maximum rate per unit that can be charged to customers for their energy use, will fall by 12.3% on the previous quarter from 1 April to 30 June 2024. For an average household paying by direct debit for dual fuel this equates to £1,690, a drop of £238 over the course of a year – saving around £20 a month. 

This will see energy prices reach their lowest level since Russia’s invasion of the Ukraine in February 2022 caused a further spike in an already turbulent wholesale energy market, driving up costs for suppliers and ultimately customers. Commenting on the announcement, Maria Caulfield MP said:

“The governments Energy Price Guarantee helped to limit the increase in bills for households across the country when the price of wholesale energy spiked in 2022, I am very glad that the energy price cap put in place by Ofgem is now the lowest it has been for 2 years, I hope that this continues to fall so we can get back to the historic average of energy bills”

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