Millions of British households are being asked to send their energy meter readings to their suppliers as prices drop. Starting Monday , the average household energy bill has decreased by 7% after Ofgem lowered its price cap due to changes in wholesale prices. The regulator reduced the cap from £1,690 to £1,568 for a typical dual fuel household in England, Scotland and Wales - a fall of £122 over the course of a year.
“The price cap, which remains significantly higher than it was two years ago, is expected to rise again in October, staying high through the early months of 2025. “Affordable fixed energy deals have largely vanished, leaving us stuck on expensive rates. As a result, a record number of households now owe money to their energy supplier, with the average debt exceeding £1,000. “Fortunately most people can still save if they know where to look.