Gas and electricity bills will be cut by £75 for 11m households - but you can save even moreThe energy bills of more than 11m households will be cut by around £75 a year on average under a price cap promised by Theresa May in the 2017 election, amid concerns that loyal customers are being ripped off. From the end of the year, customers who are on their supplier“s standard variable tariff will see their prices capped at £1,136 on average. It mostly affects those have never switched supplier, or not done so recently, as customers coming off a fixed deal are automatically dumped onto these tariffs, which are almost always the most expensive.But the savings fall short of the £100 that Theresa May originally promised for consumers. The average standard tariff (from a big supplier) is currently £1,220 - hence the typical £75 saving. Those on the UK“s priciest tariff, from Scottish Power, will save the most - £121 a year - while Ovo customers will save just £14. Ofgem, the regulator, claims 3m homes will save £100 a year or more as a result of the cap. Continue reading...
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