The energy regulator, Ofgem, will cut the price cap on gas and electricity charges from July after a slump in the gas market prices across Europe.
The cap limits the rate energy suppliers can charge customers for each unit of gas and electricity – not the total bill.
Despite the fall, the typical household will still pay about £600 a year more on their annual bill than before Russia’s invasion of Ukraine three years ago.
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The market-leading deal is offered from OutFox the Market, a family-owned company based in Leicester in the East Midlands. It performs just above average in customer service as ranked by the consumer champion organisation Which?
“A fall in the energy price cap in July is welcome news, but the long-term outlook remains uncertain” said Richard Neudegg, director of regulation at USwitch.
How you can cut your bills
The market is in a far better position now than it was a few years ago. There are now at least 11 options to beat the price cap rates by a solid margin.
“Future price caps would have to fall a lot for fixing now at a decent rate to not work out as a good deal for the vast majority of households,” adds USwitch’s Neudegg.”
Households can also look at how much the exit fee of their current tariffs are, and if that exit fee is lower than say the £200 you can make from the market-leading deal consider switching.
It also offers a two-year deal charging £1,525. Sainsbury’s Energy, Octopus, EDF Energy and Co-Op Energy are all offering deals below the July price cap drop and the predicted October one.
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