Ofgem's energy price cap will fall by 7% from £1,690 to £1,568 from July 1. That's a drop of £122.It's the maximum suppliers can charge for an average household on a typical dual-fuel tariff.Prices are the lowest they've been since February 2022, but most of our bills remain well above pre-pandemic levels. This is around £500 less than the cap in July last year, when it was £2,074.
The price cap does not limit a household's total bills, people still pay for each unit of gas and electricity they use - the figures provided are just for an average-use household. On Wednesday, Ofgem chief executive Jonathan Brearley told the Energy Security and Net Zero Committee that prices "are still significantly higher than they were before, and when we look further out our best estimate is that prices are going to stay high and volatile over time".
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