Energy bills are set to fall once again this summer, with Ofgem announcing today that the average household bill will drop by seven per cent, from £1,690 per year to £1,568 from July 1. But financial guru Martin Lewis has called the price cap "a nonsense" as he gave his verdict on the move.
"I say an average because of course it depends on which region you are in, your usage, and how you pay. Now the energy price cap dictates the rate that energy providers can charge on their standard variable tariffs. Eighty per cent of household in England, Scotland, and Wales are on those tariffs. So pretty much, that's you, unless you're on a fixed or a special tariff, and if you're not sure what tariff you're on, you're almost certainly on a price cap tariff.
"On average, for every £100 you are spending now, you will pay £93 for the same energy usage, from July 1, and that will last til the end of September, because the price cap changes every three months. So the good news is, during the low use summer period, energy prices will fall. As an aside, Mr Lewis revealed that the general election had even delayed much-needed help on energy bills. He said: "We need standing charges to change, I know there was talk, I've been in lots of meetings with the Secretary of State for Energy, they were due to announce a policy today, which now becomes a manifesto type policy so its not as strong, which is a shame."
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