The update to the Energy Price Cap means bills are expected to fall by an average of 17% from July and a number of energy providers are starting to offer fixed rates again for existing customers
The Ofgem price cap is set to fall to £2,074 a year for a typical household paying by direct debit from July 1, compared to £2,500 a year under the Energy Price Guarantee. The Ofgem price cap limits what you pay for each unit of gas and electricity you use, plus the maximum daily standing charge.
But Martin Lewis’ MoneySavingExpert.com website has issued an urgent warning for anyone considering a fixed energy deal, the Mirror reports. Being on a fixed rate deal means you are protected if the Ofgem price cap rises - but if prices fall, you could be stuck paying a higher amount.
