Energy price cap falls to average of £1568 a year for UK households

Energy & Efficiency

A typical household’s energy bill will fall by £122 a year from July under a new energy price cap for the UK.

The latest quarterly cap for England, Wales and Scotland means a household using a typical amount of gas and electricity will pay £1,568 a year. It means that bills will be the lowest since Russia’s full-scale invasion of Ukraine.

The cap, set by the regulator Ofgem, limits the maximum price that can be charged for each unit of gas and electricity – not the total bill. Of course, you use more energy, you will pay more.

It affects the gas and electricity bills of 28 million households, but does not impact customers in Northern Ireland, where the sector is regulated differently but where prices are also falling.

Says Natalie Hitchins, Which? Home Products and Services Editor: 

“Many households will be relieved to hear the energy price cap will fall to £1,568 a year for a typical household 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 price cap come the summer, then it’s worth checking the exit fees to see if you’d save money by leaving early.

“With prices predicted to remain fairly stable for the rest of the year, more competitive fixed deals may become available in the coming months. Consumers can use switching services – like Which? Switch Energy – to keep an eye out for the best deals available.

“As a rule of thumb, we wouldn’t recommend fixing a contract longer than 12 months, higher than the July price cap or with significant exit fees.”
Chris Price
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