Energy bills to fall for 11m, but don't be fooled into thinking you're on a decent rate, warns MoneySavingExpert

Today the energy regulator Ofgem has announced that the price cap for standard tariffs will be dropping by £75/year to £1,179/year for someone with typical usage from 1 October 2019.

Guy Anker, deputy editor of MoneySavingExpert.com said: “There’s a huge risk this reduction in the price cap will lull people into a false sense of security they’re on a decent rate. Yet the 11 million households on a standard tariff are almost certainly being ripped off now, and will be ripped off after the cut too.

“That’s because standard rates will typically be £300/yr+ more expensive than the cheapest on the market even after the reduction in standard tariff prices. Just this week, the market’s really heated up, with some of the biggest players coming out with really competitive deals.

“So our message is the same now as it has always been: ensure you’re on the cheapest possible deal and do not simply sit on your hands on your energy provider’s standard tariff as you are being fined for apathy.”