They are urging people to shop around to find the best-priced tariff, rather than relying on the cap to do the work for them.
The cap was introduced last year to stop suppliers charging loyal customers rip-off rates, by setting a maximum charge on average default tariffs. Last Friday, regulator Ofgem cut the cap for 11 million homes on default dual-fuel gas and electricity tariffs by £84 to £1,042 a year. It also cut its cap on prepayment meter customers by £95 to £1,070.
This reflected the sharp drop in wholesale energy costs as the global economy went into lockdown, and will come as some respite for households whose bills have increased as they spend more time at home.
This story is from the August 12, 2020 edition of Daily Express.
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This story is from the August 12, 2020 edition of Daily Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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