Energy bills: How are Labour and Conservatives proposing to help households? [Video]

Household energy bills are set to fall to their lowest point in two years, with Ofgem announcing this week it will lower its price cap by 12.3 per cent.

The regulator’s new price cap, which will come into effect in April, will see the average household gas and electricity bill fall from the current £1,928 in England, Scotland and Wales to £1,690 – a drop of around £20 a month, or £238 a year.

Ofgem said the drop would see energy prices reach their lowest level since Russia’s invasion of Ukraine in February 2022, which caused a spike in an already turbulent wholesale energy market, driving up costs for suppliers and customers.

While this is considerably lower than …