British households are asked to transmit meter readings to their energy supplier before the new Ofgem price cap takes effect on 1 July, in order to prevent vendors from forecasting usage and potentially charging greater fees in the past.
After Ofgem lowered its price cap in response to falling wholesale prices, the typical household energy bill will fall by £426 per year beginning in July.
The regulator announced that the price cap will be reduced from £3,280 to £2,074 effective 1 July, the first time consumers on default tariffs have seen their costs fall since the global gas crisis began more than 18 months ago.
The Government’s Energy Price Guarantee, which limits annual energy expenses to £2,500, has protected households from the most recent price increase.
Households should submit metre readings by midnight tomorrow (June 30) to ensure they pay the lower costs as soon as they become effective.
Accurate readings will prevent the household’s supplier from estimating consumption and perhaps applying the old higher costs to energy consumed after June 30.
Moreover, those who cannot submit readings ahead of the deadline for whatever reason should do so as close to the deadline as feasible, with a date-stamped photo as verification.