Ofgem will announce the energy price cap for July to September on May 24.
The average household energy bill is set to drop by another seven per cent from the start of July when the latest Ofgem price cap is applied, according to experts. Energy consultants Cornwall Insight said they expect the typical household’s energy bill to fall by £116 from the current £1,690 a year to £1,574 on July 1.
He added: “Of course, we must recognise lower prices don’t erase all the problems. The very fact we are still seeing bill levels which are hundreds of pounds above pre-crisis levels underscores the ongoing challenges faced by households.” This includes mulling over changes to standing charges, which are fixed daily charges that cover the cost of supply connections.
Emily Seymour, Which? Energy Editor, said: "Many households will be relieved to hear energy bills are predicted to fall by seven per cent from July. If you're on a variable tariff, then any reductions to the price cap will be automatically applied in July. If you are on a fixed deal and think you might be paying more than the new rates come the summer, then it's worth checking the exit fees to see if you can leave early if prices do fall below the cost of your fixed tariff.
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