Ofgem has confirmed that the energy price cap for the third quarter of 2024 will decrease by 7%.
The price cap establishes a ceiling on the per-unit cost suppliers can charge for gas and electricity, as well as a maximum daily standing charge.
Customers who use more energy will still pay more overall.
The new cap will be effective from 1st July to 30th September 2024.
This change means that the average household paying by direct debit for dual fuel will see their annual costs reduced to £1,568, a decrease of £122 from the previous period.
Households using prepayment meters will have an annual cost of £1,522.
Those paying by standard credit will face an annual cost of £1,668.
The standing charge remains at £334 for direct debit and prepayment customers and £369 for standard credit customers.
