The UK energy price cap has been lowered by Ofgem, resulting in a 7% reduction in domestic energy bills. This change, effective from July 1, 2024, is expected to provide some relief to millions of households. However, experts warn that despite the current reduction, households are still paying approximately 40% more than before the gas crisis. Additionally, there is a warning of a potential £600 increase in annual bills due to higher wholesale gas prices, which could take effect in October. Consumers are advised to act promptly to avoid overpaying by submitting meter readings and switching tariffs if necessary. Approximately 5 million people face a £100 increase in their energy bills if they do not act within hours.
UK SHOP PRICES FALL IN JUNE AS COST OF LIVING CRISIS EASES - FT
A drop in domestic gas and electricity prices has now taken effect, but costs are expected to rise again in October. https://t.co/kSfuHGFq0t
The energy price cap will fall by 7 per cent today but experts have warned that households are still paying around 40 per cent more than they were before the gas crisis @gracegausden93 reports https://t.co/oErn1gv7TY
Energy bill price cap drop: When to switch tariffs and submit meter readings https://t.co/ju26ZTCTdq
Smart meter warning as millions of households urged to act or risk overpaying on their energy bills #energybills #ofgempricecap https://t.co/SshltTQXZC
Energy bills slashed TODAY - see how much you will save https://t.co/jdSNVvUhvd
As the latest reduction in the energy price cap takes effect, households are being warned of a big lift in bills ahead due to higher wholesale gas prices. Click the link below to read more 🔗 https://t.co/DL5zeK1PSB
Good News on the UK inflation and cost of living front this morning as domestic energy bills fall by around 7% https://t.co/pcWQtPrDlO
Ofgem has lowered its price cap https://t.co/kTmslKMX2v
Energy price cap falls today but '£600 lift to annual bill ahead' Read more 🔗 https://t.co/DL5zeK1PSB
Millions to pay lower summer energy bills as UK price cap drops https://t.co/VhqhbW1uYR
Millions have hours left to avoid getting overcharged on their energy bills https://t.co/GRaejEKQVE
Warning for 5million who will pay £100 MORE for energy in days https://t.co/gu98wlfG5U