Energy bills to fall to lowest level in more than two years

Energy bills are to fall to the lowest in two years after regulator Ofgem announced its price cap will drop by 12.3% in April.

The fall will mean a household using a typical amount of energy will pay £1,690 a year – reducing the annual bill by around £238.

Ofgem said the fall in the price cap would see energy charges reach the lowest level since Russia’s invasion of Ukraine in February 2022, which caused a spike in the wholesale market, driving up costs for suppliers and customers.