Family vitality payments to fall as Ofgem reduces worth cap by 12%

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favorite tales on this weekly e-newsletter.The UK’s family vitality worth cap is about to fall by 12 per cent in April following a drop in wholesale fuel and electrical energy costs. Ofgem, Britain’s vitality regulator, has set the value cap for the April to June interval at £1,690 a yr for a typical family, down from £1,928.It is the bottom degree for the cap since March 2022, when it stood at £1,216. Nevertheless, it stays above typical ranges of beneath £1,200 earlier than the vitality disaster that started within the winter of 2021 as wholesale costs rose. Nationwide Power Motion, the gas poverty charity, warned that 6mn households would nonetheless be in “gas poverty” — outlined as spending 10 per cent or extra of their earnings on vitality — from April.It is a creating story

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