Martin Lewis has shared essential energy need-to-knows ahead of Ofgem confirming the new price cap on Thursday morning. The industry regulator is expected to announce a £450 drop to its energy price cap from July 1 amid warnings that consumers are likely to feel little benefit to their household finances.
Writing in the latest edition of the MoneySavingExpert.com newsletter (MSE.com), Martin said that Cornwall Insight predicts the price cap will “likely drop 35 - 40 per cent, but what we pay will drop an average 15 - 20 per cent”. In monetary-terms, this would be a decrease of £446 on the UK Government’s £2,500 Energy price Guarantee, taking it to £2,054 a year - based on falling wholesale energy prices.
The consumer champion also shared on social media that he will be co-presenting Good Morning Britain on Thursday and will be asking the “questions that matter” to Ofgem bosses during the breakfast show, once the energy price cap has been announced at 7am.
