Ofgem’s price cap is due to drop next month before rising again in October.
Ofgem recently announced that energy bills will fall by 7.2 per cent from the start of next month, but remain around 40 per cent higher than pre-gas crisis levels. The sector regulator confirmed that annual energy bills for millions of households on the standard tariff, with typical average usage, will drop from £1,690 to £1,568 from July 1 - a saving of £122 over the coming year.
He told ITV viewers: “If you’re not on a fix, or a special tariff, you’re on the energy price cap. We don’t have a prediction for January, but we’re told it’s looking pretty similar to the previous one.” He said the difference between the predicted price cap and actual prices is currently showing the biggest differential in the last two or three years. Martin added: “As things look right now and if the predictions are right, fixing is absolutely a good bet for many people.”
Top Money Stories Today Martin also had special advice for Octopus Energy customers, he said: “The only other thing I'd look out for existing Octopus customers, or those who switched to Octopus and then change the tariff once they're in there, it has two tariffs that have been very substantially cheaper than the price cap - Tracker and Agile.
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