The regulator introduced it’s slicing its value cap from £3,280 to £2,074 from July 1, marking the primary time customers on default tariffs have seen their costs fall for the reason that international gasoline disaster took maintain greater than 18 months in the past.
Households have been partly shielded from the newest rise in costs by the Government’s Energy Price Guarantee (EPG), which restricted annual vitality prices to £2,500 for the common family – subsidising Ofgem’s value cap.
Ofgem’s newest minimize means its cap will once more govern family payments, leading to a discount of £426 from £2,500 to £2,074 – a fall of about 17%.
Households ought to submit meter readings earlier than midnight on June 30 to make sure they’re paying the decrease costs as quickly as they arrive into impact.
