UK energy bills set to drop 7% from April. Ofgem has lowered the annual price cap to £1,641, saving typical households £117 annually. The reduction stems from UK government policy shifts, including moving renewable obligation costs into general taxation and scrapping the Energy Company Obligation scheme. Chancellor Rachel Reeves redirected approximately 75% of renewables costs away from household bills to help deliver the promised £150 average cut. Meanwhile, Barclays upgraded Glencore to 550p from 525p, signaling increased confidence in the mining company's valuation amid shifting global demand for energy transition materials. The upgrade reflects robust assessment of Glencore's diversified operations and capital allocation strategy as investors monitor commodity price volatility.
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