From July 1st to September 2023, Ofgem has set the annual Energy Price Cap to £2074 for dual fuel households paying by direct debit based on typical consumption. This price cap reflects a fall in wholesale energy prices from last quarter’s £3280 and means customers will pay less for energy bills from Summer.

This update means that, for the first time since the global gas crisis took hold, prices are falling for customers on default tariffs. Thanks to Ofgem updating the price cap quarterly rather than every six months, the savings can now be passed onto customers more quickly.