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Energy prices set to drop, but households ‘won’t reap the benefits’

UK households are unlikely to experience any substantial advantages or financial relief as energy prices drop in the upcoming months. 

That’s the suggestion from Martin Lewis, Founder of the Money Saving Expert, who issued a stark warning about the governance of consumer energy bills in the UK, accusing authorities of negligence.

In less than two years, Ofgem’s price cap has skyrocketed from £1,162 to £3,280, reaching a brief peak of £4,279, propelled by the pandemic and Ukraine’s conflict.

While the government’s Energy Price Guarantee has offered some protection, capping costs at £2,500, it is set to expire in June without prospects of further aid.

Projections from Cornwall Insight consultants predict a significant drop in Ofgem’s cap to £2,054 in July, potentially saving households £446 annually, yet this remains substantially higher than pre-pandemic levels.

Cornwall Insight also warns that these elevated prices may become the new norm, with the cap expected to persist until at least January 2024.

Martin Lewis anticipates a 15-20% decrease in payments from July, with a subsequent price cap adjustment in October and a slight increase in January, but overall remaining relatively unchanged.

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