The energy price cap is due for a reduction after this weekend. Ofgem has confirmed that the cap will be lowered from £1,690 to £1568 starting July 1 – an overall decrease of £122.

However, it’s crucial to understand that the price cap doesn’t represent a strict limit on monthly customer payments. Rather, it sets a maximum on the total price that energy firms can charge for their service and per unit of energy consumed in each household.

This means your bills could fluctuate, being either…