Ofgem cuts energy price cap but bills still set to rise

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Ofgem is dropping its cap on energy prices by around £1,000 from April but bills are still expected to rise by an average of £500.The energy regulator is lowering its energy price cap from the current £4,279 per year to £3,280 for the average household, effective from April 1, it announced on Monday.The energy price cap sets a maximum price that energy suppliers can charge consumers for each kilowatt hour (kWh) of energy they use.