2024-05-24
9 分钟It’s a bonus mini episode as Martin explains what the newly announced Ofgem energy price cap for July means for you – and why there could be bad news in store for October.
BBC Sounds music Radio podcasts.
Hello and welcome to a special mini episode of the Martin Lewis podcast to update you after we got the energy price cap news this morning from Offgemousen.
I'm afraid the news is both good, bad and ugly.
And is there a better way for me to do a podcast update than quite simply to play you the interview I did on five live breakfast this morning?
Here you go.
A typical household's annual energy bill will fall by 122 pounds in July under the new price cap announced by the regulator ofgem.
It means an average household using a typical amount of gas and and electricity will pay just over one and a half thousand pounds a year.
Martin Lewis is here to explain what it means, and you can listen to his podcast, of course, on BBC Sounds.
Martin, good morning.
Good morning.
Yes, I've got the good, the bad and the ugly of the announcement today.
Unfortunately, I'm afraid it is not an unvarnished good, what we are hearing.
Ok, so let's just strip it back to basics for some of our listeners.
How does the energy price cap actually work?
So the energy price guarantee is set by Offgem and it dictates the maximum amount that energy providers can charge for their standard tariffs.
Now, around 80% of the country, 80% of homes in England, Scotland and Wales are on those standard tariffs.
And when it dictates the maximum charge, pretty much every energy firm charges the maximum.
So it actually dictates the rate that the vast majority of people are paying.
Unless you're on a fix or a special tariff, you are on the energy price captain affects you.
If you're not sure, you're almost certainly on the energy price cap.