Consumers are eagerly awaiting Ofgem‘s upcoming announcement regarding the new price cap rate, scheduled to be implemented from 1st July.

The forthcoming price cap revision, scheduled for next week, holds the promise of a rate that will fall below the existing Energy Price Guarantee mandated by the government.

Experts and industry observers have been speculating on the magnitude of the price cap reduction, with predictions suggesting significant drops in energy bills.

Financial expert Martin Lewis, the Founder of Money Saving Expert, had hinted at a potential decrease ranging from 15% to 20% on average energy bills.

If these projections hold true, the new price cap would deliver substantial relief to households struggling to navigate their finances amidst mounting energy prices.