Martin Lewis has given his breakdown on what the new lower Ofgem price cap means for you, including how much less you'll pay and a way to undercut it by roughly 3%
Ofgem said that while the drop was good news for consumers there were still challenges in the energy market, with a record 3.1 billion pounds in unpaid bills
The typical energy bills are predicted to drop from £1,928 per year to £1,656 from April 1 for UK households including British Gas, OVO, EDF, E.On and Octopus customers
Ofgem has given the energy companies permission to return to forcibly fitting prepayment meters after they were temporarily banned following a scandal around the practice
According to consultancy firm Cornwall Insight, annual energy bills could fall by 15% from the current rate of £1,928 to £1,635 in April 2024 - with a further drop predicted for summer