Energy customers are being urged to take a meter reading today ahead of upcoming changes to the energy price cap this weekend. Households are being told to submit an up-to-date reading to their supplier before Saturday, July 1 when the government's energy price cap changes.
Set by energy regulators Ofgem, the price cap sets how much the typical household pays for their gas and electric. Energy bills have skyrocketed in recent years due in part to wholesale market prices and the Ukraine conflict. In January 2019 it was just over £1,100 and in October 2022 topped £3,500 a month, resulting in the UK government introducing its energy price guarantee to protect struggling households.
Since then bills have been limited by the price guarantee, which is currently £2,500, lower than Ofgem's price cap. But from Saturday, July 1 the price cap will fall to £2,074 - £500 less than the price guarantee, which is also rising to £3,000 from Saturday. It means households are finally set to see bills go down, though they're still much higher than they were a few years ago. To get all the latest money-saving news straight to your inbox twice a week sign up here.
