The average annual energy bill will be £506 cheaper than a year ago from July, the sector's regulator has announced.

The energy price cap - which limits what can be charged per unit of energy - is due to fall from the month after next.

It means the average annual bill will be £1,568 a year, 7% less than at present.

Energy regulator Ofgem sets the cap four times a year, with the latest announcement applying from July to September.

The overall rate of inflation which came down in April was in large part thanks to the current higher cap which came into effect that month and brought prices down for energy users, the Office for National Statistics.

While the July figure is a reduction, bills are still more expensive than before the COVID-19 pandemic.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.