Energy prices are expected to fall in October (Picture: Getty Images)

Ofgem has announced it is lowering its energy price cap from the current £2,074 per year to £1,923 for the average household in England, Wales and Scotland, effective from October 1.

The cap – which limits the amount that a supplier can charge per unit of gas or electricity they sell – is expected to fall, cutting around £150 per year off the average annual household energy bill.

According to experts at Cornwall Insight, an energy consultancy, the price of gas will fall from 7.5p per kilowatt hour (kWh) today to 6.9p from October 1.

The price of electricity will fall from 30.1p per kWh to just under 27p, the consultants said.

This means that average annual energy bills for a household in Great Britain will fall from £2,074 today to £1,926.

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The changes will cut the average household’s energy bills by around £150