£122 boost for British Gas, EDF, EON, Ovo, Octopus customers kicks in today
Ofgem's new price cap is here, bringing charges down by 7%, though the amount you pay will still be largely determined by the amount of gas and energy you're using.
The average household paying by direct debit will see their yearly bill reduced from £1,849 to £1,720.
Read more: New PIP rules will see 'millions plunged into hardship'
For a typical household, this will reduce their energy bills by £11 a month or £122 a year.
This is 10% (£152) per year higher than the price cap set for the same period last year, from 1st July to 30th September 2024 (£1,568).
Additionally, analysts at energy consultancy Cornwall Insight have forecast a further drop of 1% to £1,698 a year from this October.
Cornwall Insight's principal consultant, Dr Craig Lowrey, said: "Prices are falling, but not by enough for the numerous households struggling under the weight of a cost-of-living crisis.
"As such, there remains a risk that energy will remain unaffordable for many.
"If prices can go down, they can bounce back up, especially with the unsettled global economic and political landscape we are experiencing. This is not the moment for complacency."
He added that the continued growth of domestically produced renewable energy is "a positive step forward".
This cause for optimism as it helps protect against global energy price shocks and improves energy security, Mr Lowrey added.
He explained: "That progress needs to continue at pace, not just for the net zero transition, but to help build a more stable and secure energy future for all."
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New York Times
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