The energy price cap has fallen in July 2024 but by the time it comes to October it is set to be increased againA drop in the energy price cap has taken place today but the relief is set to be temporary as it is expected to go up again in October.This brings down the bill for a household using a typical amount of gas and electricity to £1,568 a year, which is the lowest for two years.
Adam Scorer, chief executive of charity National Energy Action, said: "Modest falls in summer look set to be wiped out by bigger rises in autumn when people will need to put the heating back on.Consumer groups say there is an alternative to the price cap, pointing to a growing number of fixed-rate deals on the market following a dearth of competition in recent years.
"As a rule of thumb, if you want to fix, we'd recommend looking for deals as close to the July price cap as possible, not longer than 12 months and without significant exit fees."Energy bills at the moment are considerably lower than the peak after Russia's invasion of Ukraine, when the government stepped in to limit bill rises.
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