Article Summary
Ofgem, the energy regulatory body in the UK, has announced a 7% reduction in the average annual energy bills for households on the price cap, starting from 1st July. The price cap decrease will result in a saving of £75 per year for households on default tariffs. Despite this reduction, Ofgem’s Tim Jarvis encourages consumers to explore better deals in the market.
What This Means for You
- You can expect a £75 reduction in your annual energy bills if you are on the default tariff.
- It is advisable to compare energy tariffs and switch providers to secure better deals and make additional savings.
- Be vigilant in monitoring energy bills and be proactive in seeking better deals, even after the price cap reduction.
- Stay informed about potential future changes in the energy market, as further adjustments to the price cap may occur.
Ofgem confirms 7% drop in prices
Households on the energy price cap will see a 7% reduction in their average annual payments from 1 July, Ofgem has confirmed. Ofgem’s Tim Jarvis urged households on the price cap to “shop around” for savings as there are “better deals out there” despite the reduction in the default tariff.
People Also Ask About
- How often does the energy price cap change?
- Ofgem reviews and adjusts the price cap every six months, in April and October.
Expert Opinion
The Ofgem price cap reduction is a positive step for households, but it is crucial to remain proactive in monitoring energy bills and seeking better deals. The energy market is continuously evolving, and staying informed about potential future changes is essential to maximize savings.
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