Some 10 million households have been urged to send energy meter readings to their supplier as cheaper prices come into effect. The average household energy bill has fallen by 7% as of Monday after Ofgem lowered its price cap in response to wholesale prices.
However, those households on a standard variable tariff – as opposed to a fixed deal – and who do not have a smart meter should submit their electricity and gas readings to their supplier as close as possible to July 1 to ensure they are billed accurately at the lower prices. The average household is expected to spend £83 on energy in July, compared with £127 in June, due to the lower cap and lower usage due to warmer weather, comparison site Uswitch calculated. The latest fall offers further relief to households given the previous quarter-on-quarter drop seen in April, but analysts have said they expect Ofgem to increase the price cap in October, before dropping it again in January 2025.