The energy price cap is set to fall by 7%, reducing typical household bills by £129. Although this new cap represents a 28% decrease since the peak of the energy crisis in early 2023, prices are still 10% higher than a year ago. Householders are encouraged to submit meter readings to benefit from the new cap. Approximately 35% of domestic customers have fixed deals, while around 22 million households remain under the cap, which does not limit total bills based on energy consumption.
Households have been urged to send in meter readings ahead of the energy price cap falling by 7% on Tuesday. The typical household bill will drop by £129.
This new price cap, which will come into force, is 28% lower than at the energy crisis's height earlier in 2023 when the government implemented the energy price guarantee.
However, the upcoming level is £152 (10%) higher compared to the same period last year, indicating that prices remain elevated despite the recent drop.
Around 35% of domestic customers are now signed up to a fixed deal, while approximately 22 million households in England, Wales, and Scotland are still under the energy price cap.
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