British Gas customers have just days left to submit an energy meter reading - or risk their bill being incorrect.
The Ofgem price cap has just fallen from £1,928 a year to £1,690 for a dual fuel household with average energy use, paying by direct debit. You should aim to take a meter reading now, so you’re not accidentally charged higher rates now the price cap has fallen. We've explained how to take a meter reading here.
British Gas is advising customers to send a meter reading by April 14. A notice on the British Gas website reads: "The energy price cap rates have gone down from April 1. You can still submit the readings you took on April 1 any time before April 14 and we'll make sure we use them in your next bill. You don't need to submit any readings if you have a fixed tariff, smart meter or pay as you go meter."
Ofgem updates its price cap every three months, meaning it will be adjusted again in July. Analysts at Cornwall Insight now predict the price cap will fall again, to £1,560 from July - before it then rises to £1,631 from October. These predictions have both risen by around 7% compared to the last Cornwall Insight forecast.
The price cap covers around 29 million people in England, Scotland and Wales. However, despite what its name suggests, there is not actually a total cap on what you can pay for energy. The price cap sets a limit on the unit price of gas and electricity, as well as the maximum daily standing charge.
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The main price cap figure is used to describe what someone with typical energy consumption can expect to pay each year, based on how much Ofgem estimates the typical household uses. Ofgem says the average household consumes 2,700 kwh of electricity and 11,500 kWh of gas over 12 months.
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