Britons told to take one simple step as energy price cap change starts today
A smart meter next to an energy bill
PA
Britons have been told to take one simple step as changes to the energy price cap come into force today.
It could be sensible for households to submit a meter reading to their energy company as bills fall.
Average household energy bills will plummet to £2,074 a year from today.
The change comes after energy regulator Ofgem announced a reduction of £426.
Energy bills are finally dropping but households need to take an urgent meter reading PAThe Government’s energy price guarantee, which has been subsidising bills, previously capped payments at £2,500 a year.
Completing a meter reading can help inform suppliers how much energy each households were using up to the point the price cap changed.
Emily Seymour from the consumer site Which?: “Submit a reading straight away to make sure your energy company doesn’t overcharge you.”
Sara Williams from the advice website Debt Camel added: “It’s also a good idea to take a photo of the meter reading for your records.”
Most households will see a drop in their energy bill from today
PAOfgem’s price cap previously stood at £3,280 a year for the average dual fuel household paying by direct debit.
The change will ensure households pay 30.11p per kWh for electricity and 7.51p per kWh for gas.
Independent energy market consultants at Cornwall Insight is predicting prices could fall below £2,000 by October.
However, Cornwall Insights also expects prices to rebound to £2,004 from next January.
Energy bills have been dropping from record highs at the start of 2023 PAThe firm claimed its prediction reflected consumers “responding to high prices, energy efficiency, weather conditions and other influences by reducing their energy use”.
Cornwall Insights Dr Craig Lowrey added: “Households are facing the challenge of bills that are well above historic levels.”
Prices skyrocketed six-fold following Russia’s invasion of Ukraine.
The Government was forced to intervene amid fears bills could exceed £6,000.