Today the latest Ofgem price cap comes into effect, seeing this quarters energy unit price reduce by 7%; with gas dropping to 5.48p per kilowatt hour (kWh) and 22.36p per kWh for electricity.
This means a saving of about £122 per year for a typical dual fuel household, with an average annual bill estimated to be £1,568.
What should you do now? This week read your energy meters and submit the reading to your supplier. This will help to ensure the latest price change is accurately applied.
If you have a PPM with a card or key, top-up as soon as you can so the updated July prices are transferred to your account.
Despite the price cap reduction, standing charges have not reduced and remember, it’s the rates that are capped, so if you use more you will pay more.
These prices will be with us until the end of September; current market predictions indicate the Ofgem price cap will go up for the October to December quarter. We will know more by the end of August.
If you are considering a fixed deal, ensure you shop around or make use of some of the many comparison websites out there; such as Uswitch.com – So many ways to save or Money Supermarket Cheap Energy Club – Compare Energy Deals – MSE (moneysavingexpert.com)
