July 22, 2019 / 11:19 AM / 5 months ago

E.ON UK says British energy price cap is likely to be cut by 70 pounds in Oct

LONDON, July 22 (Reuters) - Britain’s domestic energy price cap is likely to be cut by around 5.6%, or 70 pounds a year when it is reviewed in October, E.ON UK said on Monday.

The cap, which began this year, followed energy regulator Ofgem being told by parliament to set the limit after lawmakers said customers on the most commonly used standard tariffs were being overcharged for electricity and gas.

“While wholesale prices have spiked sharply in recent days and weeks, the overall trend of the markets has been generally downwards since Ofgem’s last price cap change back in early spring,” Michael Lewis, CEO of E.ON UK, the British arm of Germany’s E.ON said on its website.

Reporting By Susanna Twidale; editing by David Evans

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