Energy prices drop: What it means for your wallet

Posted at May 28, 2024 » By : » Categories : News » Comments Off on Energy prices drop: What it means for your wallet

Changes to the energy price cap, effective from 1st July to 30th September, will see a decrease in costs for typical households using both electricity and gas and paying by direct debit.

The new cap, set at £1,568 per year, represents a £122 reduction compared to the previous quarter’s cap of £1,690.

Customers paying via standard credit, direct debit, prepayment meter, or Economy 7 (E7) meter are covered by this cap, with actual costs varying based on usage, location and meter type.

For electricity, customers on a standard variable tariff paying by direct debit will see an average rate of 22.36 pence per kilowatt-hour (kWh) and a daily standing charge of 60.12 pence.

Gas rates for the same category will average 5.48 pence per kWh, with a daily standing charge of 31.41 pence.

These rates, inclusive of VAT, are based on averages across England, Scotland and Wales.

Analysis from the Energy and Climate Intelligence Unit has revealed that despite the decrease in the energy price cap, the average annual dual fuel bill for a UK household is projected to remain approximately 40%, or £450, higher than pre-crisis levels.

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