Martin Lewis has welcomed Ofgem’s announcement to lower the energy price cap by 17 per cent from July 1, however, he also warned millions of households will still be paying more for their gas and electricity bills this winter. The consumer champion explained this is due to the removal of the UK Government’s £400 Energy Bills Support Scheme, which provided an automatic discount of either £66 or £67 for millions of households between October 2022 and March 2023.
Martin said: “Apart from those with high use, the drop in the rates doesn’t make up for the £66 per month state support people got until April - and most are on monthly Direct Debit, which means they pay the same in summer as winter. Overall, this still leaves people paying double or more what they did before the energy crisis hit in October 2021.”
The founder of MoneySavingExpert.com was on co-hosting duties on Thursday to offer reaction and insight to the energy regulator’s new price cap shortly after it was announced that the price cap will fall from £3,280 to £2,074 from July 1. This means households with average, typical usage will see energy bills fall by £426 a year from this summer.
