OSLO (Reuters) - British energy regulator Ofgem will cut the maximum amount that prepayment gas and electricity customers pay by up to 19 pounds ($24.79) annually from Oct. 1, it said in a statement.
Around 3 million households are expected to benefit from the tariff change, reducing the average yearly bill to £1,048 from £1,067 for a dual fuel prepayment customer.
“These households are amongst those least able to benefit from competition and are more likely to be in vulnerable circumstances,” Ofgem said.
Ofgem introduced the pre-payment safeguard tariff in April this year and plans to update it every six months.
Reporting by Lefteris Karagiannopoulos; editing by Jason Neely