Typical household energy bills in 2020 lowest since 2017: Average household energy bills in 2020 fell to the lowest position since 2017.
That’s as reported from current research by Compare the Market, that says last year energy bills dropped by £172, in comparison to 2019.
That may be an issue of the energy cap, brought in by Ofgem in 2019. Several months ago the government regulator reported an expansion of the energy price cap until the end of 2021.
The research indicates this decline could be because of suppliers passing on a portion of the savings from the falling of wholesale energy prices & due to the reduced need for energy overall throughout the two national lockdowns, regardless of more people staying at home.
Ursula Gibbs, Director at Compare the Market, stated: “The fall in annual bills is a rare piece of good news, following a bruising twelve months for household finances.
“However, our Household Financial Confidence Tracker shows that nearly a fifth of UK households think they will struggle to meet the demands of their household bills in the coming weeks.”
Typical household energy bills in 2020 lowest since 2017