The chairman of the UK energy regulator Ofgem Sir John Mogg, has speculated in an interview with the Financial Times that gas prices may fall in the coming year.

The chairman's more relaxed view on the UK's gas supply situation stems from his belief that major gas infrastructure projects, notably the completion of two new gas pipelines into the UK from the Netherlands and Norway, are on track. The extra gas that will be shipped into the UK would help create a more transparent gas market, and ultimately result in cheaper gas for UK consumers.

In the same interview, the chairman underscored his determination to 'take action' if wholesale price falls do not translate into cheaper gas prices for consumers.