Ofgem’s energy price cap to fall by 14% in April, says forecaster

Cheaper oil expected to lead to annual electricity and gas bills dropping by about £268 to £1,660

The energy price cap in Great Britain is expected to fall by 14% in April because of cheaper oil and gas prices, according to an influential forecaster – although disruption to shipping in the Red Sea has added uncertainty to its prediction.

The average annual electricity and gas bill should fall by about £268 to £1,660 in April, Cornwall Insight said. The independent research company copies the methods used by the industry’s regulator, Ofgem, in analysing energy markets to calculate its predictions for the cap.