Martin Lewis says 'it is a nonsense' as energy bills to fall by £122 this summer
manchestereveningnews.co.ukEnergy bills are set to fall once again this summer, with Ofgem announcing today (May 24) that the average household bill will drop by seven per cent, from £1,690 per year to £1,568 from July 1.
But financial guru Martin Lewis has called the price cap "a nonsense" as he gave his verdict on the move. Although the £122 fall might sound like a nice cost of living boost, this drop in the typical household bill over the warmer summer months will likely have less of an impact on personal finances, than the current forecast that bills are likely to rise again this winter.
Money saving expert Mr Lewis has warned that this price cap fall might be the last. This is the second consecutive drop in the energy price cap, which does not cap bills but caps the price that suppliers can charge you per unit of energy.
But it is also likely to be the last price drop this year, with forecasts predicting a return to high energy bills this winter, when the cap could be £1,761 - a 12 per cent spike after the summer low. READ MORE: Energy bill calculator: How much will your bill drop by? Speaking on Radio 4's Today programme, Mr Lewis was asked why he had summarised the energy price falls as "the good, the bad, and the ugly".
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