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The energy price cap is due for a reduction after this weekend. Ofgem has confirmed that the cap will be lowered from £1,690 to £1568 starting July 1 – an overall decrease of £122.
However, it’s crucial to understand that the price cap doesn’t represent a strict limit on monthly customer payments. Rather, it sets a maximum on the total price that energy firms can charge for their service and per unit of energy consumed in each household.
This means your bills could fluctuate, being either lower or higher depending on your usage. The cost per unit of energy is the main element set to decrease nationwide.
Conversely, standing charges, which are applied daily, are expected to see a significant rise. These rates may also differ based on your energy contract and geographical location. We’ve detailed the average rates for each region across the UK below.
