Overview

• The 7% cut, impacting about 22 million households on standard variable tariffs, reduces the annual cap from £1,849 to £1,720 from July 1.
• This adjustment delivers a £129 saving for the typical dual-fuel household.
• Unit rates fall to 25.73p/kWh for electricity and 6.33p/kWh for gas, with daily standing charges also reduced.
• Households without smart meters should submit readings by July 1 to ensure they receive the new lower rates rather than higher estimated charges.
• Consumers are advised to keep roughly two months’ credit (£286) before claiming refunds up to £214 and to consider fixed-rate tariffs as Octopus Energy forecasts cap hikes of £38 in September and £11 in January.