Ofgem's new price cap means that Twickenham locals could save £117 a year from April, along with the average UK household.

Household energy bills will fall by about 7%, or £10 a month, following a reduction of the cap to £1,641 a year. Savings will depend on the amount of energy used and the tariff households are on.

Typical dual-fuel households paying by direct debit in England, Scotland and Wales will be able to enjoy the discount, which will take effect through lowering unit prices for electricity.

Even though the daily standing charge will rise from 54.75p to 57.21p, the average electricity unit rate will decrease from 27.69p to 24.67p per kWh.

The daily standing charge for gas will fall from 35.09p to 29.09p, while the average price of gas will fall from 5.93p to 5.74p per kilowatt hour (kWh).

This follows Chancellor Rachel Reeves' pledge to reduce the average household bill by £150 from April by abolishing the Energy Company Obligation scheme.

Tim Jarvis, director general of markets at Ofgem, said: "Today's announcement will be welcome news for many households."

The price cap is a safety net and consumers who shop around could save even more by switching tariffs or choosing time-of-use deals."

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According to Ofgem, this cap was £200 higher a year ago. Jarvis stated that lower policy costs and the easing of wholesale fuel prices helped to enable the change.

Prime Minister Keir Starmer commented on the change, stating: "I promised to bring bills down and I meant it."

"And today [25 February], because of the actions this government took at the last Budget, the price cap on energy bills has come down by £117.

"That means lower energy bills for millions across the country."

"But I know there is more to do – and my government is pulling every lever to bear down on the cost of living and protect the pound in the pockets of working people."

Speculators cite the US strike on Iran this week as a cause of rising gas prices, so customers are encouraged to take advantage of the Ofgem cap as much as they can.

Consumers are being advised to review their deals and consider switching from fixed deals not benefitted by the price cap reduction.

There is a Coldbusters grant available to over-60s in Richmond that could also assist with energy costs.

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