By Ian Walker

U.K. energy regulator Ofgem on Thursday cut the country's price cap by 37% to 2,074 pounds ($2,564) a year from July 1.

The new price cap for a dual-fuel, direct-debit customer represents a GBP1,206 decrease from the current GBP3,280 and reflects recent falls in wholesale energy prices.

The energy price cap level indicates how much consumers on their energy supplier's basic tariff would pay if the energy price guarantee wasn't in place. The current price guarantee is in place until the end of March 2024.

The energy price guarantee protects consumers by capping bills at GBP2,500.

Ofgem plans to announce the next quarterly price cap in August.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

May 25, 2023 02:41 ET (06:41 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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