Ofgem issues warning to anybody with a meter as electricity prices fall

Ofgem, the government's regulator for electricity and gas, has issued a warning to anybody with an electric meter. It comes as the price cap is reduced today, seeing a significant fall in energy costs.

Now people across Great Britain have been urged to take meter readings today (July 1) as the new energy prices come into force that are likely to save households hundreds of pounds a year. The average price for each unit of electricity that someone uses has been slashed to 30p per unit, while gas prices will drop to 8p per unit.

It will save the average household around £426 a year on their energy bills, according to regulator Ofgem – which sets the levels and calculated average usage. It means that the new average price that Ofgem says a household can be charged will fall from £3,280 to £2,074.

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After Government support, households were paying an average of £2,500 – meaning they will save a little over £400. It is the first time in more than three years, since February 2020, that energy bills for people on their supplier’s standard tariff have fallen, says PA.

But those bills are still unusually high by historic standards. Less than two years ago, typical household bills were just £1,271 a year.

On Friday, Ofgem said: “This remains one of the most difficult and volatile periods in history for energy consumers. As energy regulator, we have taken a range of steps to stabilise the market and protect vulnerable consumers.

“We will also continue to support energy customers by passing savings from drops in wholesale prices onto customers more quickly through the quarterly price cap. Anyone struggling to pay their bills should reach