Martin Lewis has issued guidance for prepayment meter energy customers amid Ofgem's price cap drop announcement. The regulator announced it is cutting its price cap from £3,280 to £2,074 from July 1, marking the first time consumers on default tariffs have seen their prices fall since the global gas crisis took hold more than 18 months ago.
Ofgem’s latest cut means its cap will again govern household bills, instead of the Energy Price Guarantee introduced by the government which is set to rise to £3,000 in the summer, resulting in a reduction of £426 from £2,500 to £2,074 – a fall of about 17 per cent.
Money-saving expert Martin spoke to viewers on Good Morning Britain on Thursday (May 25) to clarify how the price drop will affect them.
He highlighted that while all energy customers will see a drop of around 17 per cent, prepayment customers may see an even bigger drop. Read more: Join the FREE Manchester Evening News WhatsApp community It comes after the government confirmed that prepayment meter prices will be brought down to be more in-line with direct debit costs.
Read more on manchestereveningnews.co.uk
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