Martin Lewis shares new energy need-to-knows as price cap set to drop 'considerably' this summer

dailyrecord.co.uk:

Martin Lewis has shared essential energy need-to-knows ahead of Ofgem confirming the new price cap on Thursday morning. The industry regulator is expected to announce a £450 drop to its energy price cap from July 1 amid warnings that consumers are likely to feel little benefit to their household finances.

Writing in the latest edition of the MoneySavingExpert.com newsletter (MSE.com), Martin said that Cornwall Insight predicts the price cap will “likely drop 35 - 40 per cent, but what we pay will drop an average 15 - 20 per cent”.

In monetary-terms, this would be a decrease of £446 on the UK Government’s £2,500 Energy price Guarantee, taking it to £2,054 a year - based on falling wholesale energy prices.The consumer champion also shared on social media that he will be co-presenting Good Morning Britain on Thursday and will be asking the “questions that matter” to Ofgem bosses during the breakfast show, once the energy price cap has been announced at 7am.Martin also reminded people that the energy price cap is not the maximum any household will pay on their gas or electricity usage - use more and you’ll pay more, use less and you’ll pay less.

He wrote: “Remember though, there's NO TOTAL CAP on what you pay, it's a cap on the underlying rates, so use more, you pay more.”Below is a brief overview of what the financial guru thinks everyone should know ahead of the change in July, you can read the full details on MSE.COM here.Ofgem recently confirmed to Martin during last Wednesday’s Good Morning Britain that “what we currently pay will come down considerably" - but he wouldn’t commit to the new rate, despite Martin’s powers of persuasion.Martin also explained how the price cap from July will be under the Energy Price