BRIEF-Ofgem Says Energy Price Cap To Be Set At 2,074 Stg Annually For Dual Fuel Household From July 1

UK's Ofgem: * UK'S OFGEM SAYS FROM 1 JULY, THE ENERGY PRICE CAP WILL BE SET AT AN ANNUAL LEVEL OF £2,074 FOR A DUAL FUEL HOUSEHOLD

* OFGEM: FROM 1 JULY, ENERGY PRICE CAP WILL BE SET AT AN ANNUAL LEVEL OF £2,074 FOR A DUAL FUEL HOUSEHOLD PAYING BY DIRECT DEBIT BASED ON TYPICAL CONSUMPTION * UK'S OFGEM SAYS NEW PRICE CAP REPRESENTS BOTH A REDUCTION IN LAST QUARTER'S CAP, AND ALSO A REDUCTION IN HOW MUCH CUSTOMERS WILL PAY ON THEIR BILLS

* UK'S OFGEM - CHANGE IMPLEMENTS LEGISLATIVE CHANGE MADE BY GOVERNMENT THROUGH ENERGY PRICES ACT 2022, TO REMOVE 2023 END DATE FOR CAP * UK'S OFGEM SAYS WHILE THE PRICE CAP HAS DROPPED FROM ITS WINTER PEAK, IT REMAINS WELL ABOVE THE PRE-2021 AVERAGE

* UK'S OFGEM SAYS PROPOSING THAT ELEMENT OF PRICE CAP THAT COVERS PROFIT MARGIN – KNOWN AS EARNINGS BEFORE INTEREST AND TAX – WILL SEE A SMALL INCREASE * UK'S OFGEM SAYS IN THE MEDIUM TERM, WE'RE UNLIKELY TO SEE PRICES RETURN TO THE LEVELS WE SAW BEFORE THE ENERGY CRISIS

* UK'S OFGEM SAYS FOR THE OCTOBER PRICE CAP, THE EBIT ALLOWANCE IS INDICATIVELY EXPECTED TO BE £37 FOR THE TYPICAL BILL Source text for Eikon: