Falcon Energy Materials plc Addresses License Revocation in Guinea
ABU DHABI, UNITED ARAB EMIRATES - May 16, 2025 (NEWMEDIAWIRE) - Falcon Energy Materials plc (TSX-V: FLCN) ("Falcon" or the "Company") wishes to address a recent revocation of certain exploration and exploitation permits by a decree signed by the President of the Republic of Guinea ("Guinea"). This communication aims to clarify misconceptions and reassure our shareholders, stakeholders and the public.The decree suggests that the Government of Guinea is revoking 50 gold, bauxite and diamond exploration and exploitation licenses as well as one (1) graphite exploitation license. To date, the Company has not received any written correspondence from the Government of Guinea regarding its intention to revoke the Lola Graphite Project (the "Project") exploitation permit, which was granted to the Company in 2019 under the 2011 Guinea Mining Code (the "Mining Code").
Under the Mining Code, the Government cannot take unilateral action to revoke mining rights and seize Company property without following the procedures outlined in the Mining Code and Guinea law. The Company will take every step necessary, and without hesitation, to protect its rights afforded under the Mining Code.
Falcon has successfully advanced the Project from its initial exploration phase, through a period of historically low graphite prices, to the publication of an updated feasibility study in late 2022 at significant cost. The Project has continuously advanced despite political changes and market fluctuations. The Company has maintained employment for 35 employees despite challenging market conditions.
The Company remains committed to developing the Project and has been working until today in lockstep with the Guinean Government towards a mutually beneficial development timeline that complies with applicable law and protects the Company's rights. Additionally, Falcon has made several applications to the Guinea Ministry of Mines to negotiate a mining convention and commence the Project construction work, which remain unanswered despite regular requests by the Company.
The Company will make further disclosure when appropriate.
ABOUT FALCON ENERGY MATERIALS PLC
Falcon Energy Materials PLC (TSX-V: FLCN) aims to become a fully integrated supplier of battery anode materials. The Company's integrated business model would result in the creation of a mine-to-market active anode material producer, hosting a large high-purity graphite production mine in the Republic of Guinea, and a value-added, coated spherical purified graphite conversion facility in Morocco.
With attractive operating costs, proximity to European end-markets and strong ESG credentials, the Company is poised to become a reliable supplier while promoting sustainability and supply chain transparency. Falcon is committed to generating sustainable, long-term benefits that are shared with the host countries and communities where it operates.
For additional information, please visit Falcon's website at www.falconem.net
Contact:
Matthieu BosPresident & CEOEmail: m.bos@falconem.net
Matt JohnstonIR AdvisorEmail: m.johnston@falconem.netTelephone: +971 2307 4013
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" within the meaning of Canadian securities legislation and other statements that are not historical facts. Forward-looking statements are included to provide information about management's current expectations and plans that allow investors and others to have a better understanding of the Company's business plans and financial performance and condition.
All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "round out", "accelerate", "expect", "follow", "successful", "including", "believe", "qualify", "aim", "become", "commit" or variations of such words and phrases or state that certain actions, events or results "may", "could", "will", "would" or "might". Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to: (i) the legality of the decree signed by the President of Guinea revoking certain exploration and exploitation permits; (ii) the Government of Guinea's intention to revoke the Project exploitation permit; and (iii) the outcome of any legal proceeding, in the applicable jurisdiction, to be pursued by the Company to defend the Company's rights and investment in the Project.
Forward-looking information is based upon certain assumptions and other important factors and assumptions subject to significant business, geological, economic and competitive uncertainties and contingencies that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the legality of the decree signed by the President of Guinea revoking certain exploration and exploitation permits and the Government of Guinea's intention to revoke the Project exploitation permit.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits and mine plans for the Company's mining operations; (v) the risk associated with establishing title to mineral properties and assets including permitting, development, operations and production from the Company's operations being consistent with expectations and projections; (vi) there being no significant disruptions affecting the operations of the Company whether due to artisanal miners, access to water, extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (vii) asset impairment (or reversal) potential, being consistent with the Company's current expectations; (viii) the Government of Guinea's ability to revoke the Project exploitation permit; and (ix) the Company's ability to defend the Company's rights and investment in the Project. In addition, readers are directed to carefully review the detailed risks and uncertainties described or referred to in the section entitled "Risk and Uncertainties" in the Company's management's discussion and analysis for the year ended December 31, 2024, as updated from time to time in the Company's interim management's discussion and analysis for its quarterly financial periods, each of which is filed on SEDAR+ at www.sedarplus.ca.
Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information.
Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws. The Company qualifies all of its forward-looking statements by these cautionary statements.
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an hour ago
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Closing of Fundraising and Admission
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Given the Company does not hold any common shares in Treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules and the Icelandic Act No 20/2021 on Disclosure Obligations of Issuers and Notifications on Major Holdings. The Fundraising Shares were distributed to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503 – Distributions Outside Canada and, accordingly, the Fundraising Shares issued to purchasers outside of Canada are not subject to a four-month hold period under applicable Canadian securities laws. The net proceeds of the Fundraising will be used to support the ongoing commissioning and production expansion at Nalunaq, complete technical studies in relation to production expansion at Nalunaq, create a new hub in West Greenland, accelerate and deepen exploration drilling and the preparation of technical studies of the assets and provide additional balance sheet strength and working capital flexibility to the Company. Panmure Liberum acted as nominated adviser, joint bookrunner and joint broker, alongside Canaccord, who also acted as joint bookrunner and joint broker on the UK Placing. Landsbankinn and Acro acted as joint bookrunners on the Icelandic Placing. In consideration for their services, Panmure Liberum, Canaccord, Landsbankinn and Acro received a cash commission equal to C$2,076,706, consisting of (i) a total of C$1,514,106 (£819,144) to Panmure Liberum and Canaccord representing a 4.0% base commission, 1.0% discretionary commission and a variable settlement commission for the UK Placing, including a corporate finance fee of C$147,872 (£80,000) payable to Panmure Liberum and (ii) a total of C$562,600 to Landsbankinn, and Acro, representing a total of 4.1% commission for the Icelandic Placing. The Fundraising is subject to final acceptance of the TSX-V. Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company's Fundraising announcement dated 11 June 2025. Enquiries: Enquiries: Amaroq Minerals Ltd. Eldur Olafsson, Executive Director and CEO Ed Westropp, Head of BD and Corporate Affairs +44 (0)7385 755711 ewe@ Eddie Wyvill, Corporate Development +44 (0)7713 126727 ew@ Panmure Liberum Limited (Nominated Adviser, Joint Bookrunner and Corporate Broker) Scott Mathieson Nikhil Varghese Freddie Wooding +44 (0) 20 7886 2500 Canaccord Genuity Limited (Joint Bookrunner and Corporate Broker) James Asensio Harry Rees George Grainger +44 (0) 20 7523 8000 Landsbankinn hf. (Joint Bookrunner) Björn Hákonarson Sigurður Kári Tryggvason +354 410 7340 Acro verðbréf hf. (Joint Bookrunner) Hannes Árdal Þorbjörn Atli Sveinsson +354 532 8000 Camarco (Financial PR) Billy Clegg Elfie Kent Fergus Young +44 (0) 20 3757 4980 IMPORTANT NOTICES This Announcement does not constitute, or form part of, a prospectus relating to the Company, nor does it constitute or contain an invitation or offer to any person, or any public offer, to subscribe for, purchase or otherwise acquire any shares in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it form the basis of or be relied on in connection with any contract or as an inducement to enter into any contract or commitment with the Company. This Announcement is not for publication or distribution, directly or indirectly, in or into the United States of America, Australia, The Republic of South Africa ('South Africa'), Japan or any other jurisdiction in which such release, publication or distribution would be unlawful. This Announcement is for information purposes only and does not constitute an offer to sell or issue, or a solicitation of an offer to buy, subscribe for or otherwise acquire any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia (collectively, the 'United States')), Australia, Canada, South Africa, Japan or any other jurisdiction in which such offer or solicitation would be unlawful or to any person to whom it is unlawful to make such offer or solicitation. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), and may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States, or under the securities laws of Australia, Canada, South Africa, Japan, or any state, province or territory thereof or any other jurisdiction outside the United Kingdom, except pursuant to an applicable exemption from the registration requirements and in compliance with any applicable securities laws of any state, province or other jurisdiction of Australia, Canada, South Africa or Japan (as the case may be). No public offering of securities is being made in the United States, Australia, Canada, South Africa, Japan or elsewhere. No action has been taken by the Company, Panmure Liberum, Canaccord, Landsbankinn, Acro or any of their respective affiliates, or any of its or their respective directors, officers, partners, employees, consultants, advisers and/or agents (collectively, 'Representatives') that would permit an offer of the Fundraising Shares or possession or distribution of this Announcement or any other publicity material relating to such Fundraising Shares in any jurisdiction where action for that purpose is required. Persons receiving this Announcement are required to inform themselves about and to observe any restrictions contained in this Announcement. Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action. Persons distributing any part of this Announcement must satisfy themselves that it is lawful to do so. This Announcement, as it relates to the UK Placing, is directed at and is only being distributed to: (a) if in a member state of the EEA, persons who are qualified investors ('EEA Qualified Investors'), being persons falling within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the 'EU Prospectus Regulation'); or (b) if in the United Kingdom, persons who are qualified investors ('UK Qualified Investors'), being persons falling within the meaning of Article 2(e) of assimilated Regulation (EU) 2017/1129 as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (the 'UK Prospectus Regulation'), and who are (i) persons falling within the definition of 'investment professional' in Article 19(5) of the Financial Services And Markets Act 2000 (Financial Promotion) Order 2005, as amended (the 'Order') or (ii) persons who fall within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Order, or (c) persons to whom it may otherwise be lawfully communicated (all such persons referred to in (a), (b) and (c) together being referred to as 'Relevant Persons'). This Announcement, as it relates to the Icelandic Placing, is directed at and is only being distributed to EEA Qualified Investors. The Fundraising Shares have not been qualified for distribution by prospectus in Canada and may not be offered or sold in Canada except in reliance on exemptions from the requirements to provide the relevant purchaser with a prospectus and, as a consequence of acquiring securities pursuant to this exemption or exemptions, certain protections, rights and remedies provided by the applicable Canadian securities laws will not be available to the relevant purchaser. The Fundraising Shares may be subject to statutory resale (hold) restrictions for a period of four months and one day in Canada under the applicable Canadian securities laws and any resale of the Common Shares must be made in accordance with such resale restrictions or in reliance on an available exemption therefore. Such restrictions shall not apply to any Fundraising Shares acquired outside of Canada. For the attention of residents of Australia: This Announcement is not a prospectus or product disclosure statement or otherwise a disclosure document for the purposes of Chapter 6D or Part 7.9 of the Australian Corporations Act 2001 (Cth) ('Corporations Act') and does not constitute an offer, or an invitation to purchase or subscribe for the Fundraising Shares offered by this Announcement except to the extent that such an offer or invitation would be permitted under Chapter 6D or Part 7.9 of the Corporations Act without the need for a lodged prospectus or product disclosure statement. In addition, for a period of 12 months from the date of issue of the Fundraising Shares, no transfer of any interest in the Fundraising Shares may be made to any person in Australia except to 'sophisticated investors' or 'professional investors' within the meaning of sections 708(8) and (11) of the Corporations Act or otherwise in accordance with section 707(3) of the Corporations Act. No other person should act on or rely on this Announcement as it relates to the UK Placing or the Icelandic Placing and persons distributing this Announcement must satisfy themselves that it is lawful to do so. By accepting the terms of this Announcement, you represent and agree that you are a Relevant Person. This Announcement must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this Announcement or the Fundraising relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. No offering document or prospectus will be made available in any jurisdiction in connection with the matters contained or referred to in this Announcement, the UK Placing, the Icelandic Placing or the Fundraising, unless applicable in relation to admission to trading in Iceland and no such prospectus is required (in accordance with either the EU Prospectus Regulation for the purpose of the offer or sale of the Common Shares, the UK Prospectus Regulation or Canadian securities laws) to be published. The offering as it relates to the Icelandic Placing is subject to the exemptions from the obligation to publish a prospectus provided for in Articles 1(4)(a) of the EU Prospectus Regulation. Panmure Liberum, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom is acting exclusively for the Company and for no one else in connection with the UK Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the UK Placing and will not be responsible to anyone other than the Company in connection with the UK Placing or for providing the protections afforded to their clients or for giving advice in relation to the UK Placing, the Fundraising or any other matter referred to in this Announcement. The responsibilities of Panmure Liberum, as nominated adviser, are owed solely to the London Stock Exchange and are not owed to the Company or to any director or any other person and accordingly no duty of care is accepted in relation to them. No representation or warranty, express or implied, is made by Panmure Liberum as to, and no liability whatsoever is accepted by Panmure Liberum in respect of, any of the contents of this Announcement (without limiting the statutory rights of any person to whom this Announcement is issued). Canaccord, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom is acting exclusively for the Company and for no one else in connection with the UK Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the UK Placing and will not be responsible to anyone other than the Company in connection with the UK Placing or for providing the protections afforded to their clients or for giving advice in relation to the UK Placing, the Fundraising or any other matter referred to in this Announcement. Acro, which is authorised and regulated by the Financial Supervisory Authority of the Central Bank of Iceland, is acting exclusively for the Company and for no one else in connection with the Icelandic Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Icelandic Placing and will not be responsible to anyone other than the Company in connection with the Icelandic Placing or for providing the protections afforded to their clients or for giving advice in relation to the Icelandic Placing, the Fundraising or any other matter referred to in this Announcement. Some Icelandic Subscribers may however be customers of Acro. Landsbankinn, which is authorised and regulated by the Financial Supervisory Authority of the Central Bank of Iceland, is acting exclusively for the Company and for no one else in connection with the Icelandic Placing and will not regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Icelandic Placing and will not be responsible to anyone other than the Company in connection with the Icelandic Placing or for providing the protections afforded to their clients or for giving advice in relation to the Icelandic Placing, the Fundraising or any other matter referred to in this Announcement. Some Icelandic Subscribers may however be customers of Landsbankinn. This Announcement is being issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by or on behalf of Panmure Liberum, Canaccord, Landsbankinn and/or Acro (apart from in the case of Panmure Liberum and Canaccord the responsibilities or liabilities that may be imposed by the Financial Services and Markets Act 2000, as amended ('FSMA') or the regulatory regime established thereunder) and/or by any of their respective affiliates and/or any of their respective Representatives as to, or in relation to, the accuracy, adequacy, fairness or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or their respective advisers or any other statement made or purported to be made by or on behalf of Panmure Liberum, Canaccord, Landsbankinn and/or Acro and/or any of their respective affiliates and/or by any of their respective Representatives in connection with the Company, the UK Placing Shares, the UK Placing, the Icelandic Placing Shares, the Icelandic Placing, the Common Shares or any part of the Fundraising and any responsibility and liability whether arising in tort, contract or otherwise therefor is expressly disclaimed. No representation or warranty, express or implied, is made by Panmure Liberum, Canaccord, Landsbankinn and/or Acro and/or any of their respective affiliates and/or any of their respective Representatives as to the accuracy, fairness, verification, completeness or sufficiency of the information or opinions contained in this Announcement or any other written or oral information made available to or publicly available to any interested party or their respective advisers, and any liability therefor is expressly disclaimed. The information in this Announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction or disclosure of this Announcement, in whole or in part, is not authorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions. This Announcement does not constitute a recommendation concerning any investor's options with respect to the UK Placing, the Icelandic Placing or any part of the Fundraising. Recipients of this Announcement should conduct their own investigation, evaluation and analysis of the business, data and other information described in this Announcement. This Announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the UK Placing Shares, the Icelandic Placing Shares or the Common Shares. The price and value of securities can go down as well as up and investors may not get back the full amount invested upon the disposal of the shares. Past performance is not a guide to future performance. The contents of this Announcement are not to be construed as legal, business, financial or tax advice. Each investor or prospective investor should consult his or her or its own legal adviser, business adviser, financial adviser or tax adviser for legal, business, financial or tax advice. Any indication in this Announcement of the price at which the Company's shares have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser. No statement in this Announcement is intended to be a profit forecast or profit estimate for any period and no statement in this Announcement should be interpreted to mean that earnings, earnings per share or income, cash flow from operations or free cash flow for the Company for the current or future financial periods would necessarily match or exceed the historical published earnings, earnings per share or income, cash flow from operations or free cash flow for the Company. All offers of the Fundraising Shares will be made pursuant to an exemption under the EU Prospectus Regulation and the UK Prospectus Regulation from the requirement to produce a prospectus. This Announcement is being distributed and communicated to persons in the United Kingdom only in circumstances in which section 21(1) of FSMA does not apply. The Fundraising Shares to be issued pursuant to the Fundraising will not be admitted to trading on any stock exchange other than AIM, the TSX-V and the Icelandic Exchange. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information This Announcement includes statements that are, or may be deemed to be, 'forward-looking statements'. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'aims', 'anticipates', 'believes', 'could', 'envisages', 'estimates', 'expects', 'intends', 'may', 'plans', 'projects', 'should', 'targets' or 'will' or, in each case, their negative or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and factors which are beyond the Company's control. The actual results, performance or achievements of the Company or developments in the industry in which the Company operates may differ materially from the future results, performance or achievements or industry developments expressed or implied by the forward-looking statements contained in this Announcement. The forward-looking statements contained in this Announcement speak only as at the date of this Announcement. The Company undertakes no obligation to update or revise publicly the forward-looking statements contained in this Announcement, except as required in order to comply with its legal and regulatory obligations.
Business Wire
3 hours ago
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CARMAT Announces Filing Today for Insolvency and Requesting Being Placed in Receivership
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CARMAT is listed on the Euronext Growth market in Paris (Ticker: ALCAR / ISIN code: FR0010907956). For more information, please go to and follow us on LinkedIn. Disclaimer This press release and the information it contains do not constitute an offer to sell or subscribe, nor a solicitation of an offer to buy or subscribe, for CARMAT shares in any country. This press release may contain forward-looking statements regarding the Company's objectives and outlook. These forward-looking statements are based on the current estimates and anticipations of the Company's management and are subject to risk factors and uncertainties, including those described in its Universal Registration Document filed with the French Financial Markets Authority (Autorité des marchés financiers) (the 'AMF') under number D.25-0345 (the ' 2024 Universal Registration Document '), available free of charge on the websites of CARMAT ( and the AMF ( Readers' attention is particularly drawn to the fact that the Company's current cash runway extends only until the end of June 2025, and that CARMAT is therefore facing a very high risk of default, including in the very short term. 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- Yahoo
Huge energy bill drop for millions from Tuesday - but you need to do one thing
Households are being encouraged to submit their meter readings before the energy price cap drops by 7 per cent on Tuesday. The average household bill for those not yet on a fixed tariff will decrease by £129 to £1,720 per year when the new price cap from Ofgem, which sets the maximum amount companies can charge customers per unit of energy, takes effect. This is £660 (28%) less than at the peak of the energy crisis at the beginning of 2023 when the government introduced the energy price guarantee. However, prices remain high with the forthcoming level £152 (10%) more than the same period last year. The price cap does not limit total bills as households still pay for the amount of energy they use. While about 35 per cent of domestic customers have now actively chosen a fixed deal, which is not subject to the price cap, roughly 22 million households in England, Wales, and Scotland are still on the energy price cap. These households should read their meter by the end of the month to ensure they fully benefit from lower energy prices from July 1. Failure to do so risks paying the higher pre-July 1 rate for energy used in the form of estimated bills. READ MORE: MPs to debate over 60s getting free bus pass in England after major breakthrough READ MORE: Martin Lewis issues advice to anyone changing money ahead of going on holiday this summer Research for comparison site Uswitch indicates that one fifth of households without smart meters have not submitted their meter readings in the last three months, and 6 per cent have not done so for an entire year. Uswitch has revealed that average energy costs for homes on a standard price cap tariff are set to drop from £113 in June to £63 in July, attributing the decrease to lower summer usage and reduced unit rates. The comparison site is encouraging consumers to lock into fixed deals while prices are favourable, highlighting that there are currently 10 fixed tariffs available that undercut the July price cap, with the most economical option offering savings of about £145 for the typical household. Uswitch's energy expert Ben Gallizzi commented: "Customers who don't have a smart meter should submit their readings before or on Tuesday 1 July, so their supplier has an updated – and accurate – view of their account." He also warned of potential increases in energy bills and the price cap this autumn due to global market uncertainties, advising: "But households can get ahead of this possible price hike by fixing at cheaper rates now. Currently, there are a range of fixed deals currently available that are around £145 cheaper than the July price cap for the average household." Gallizzi urged customers to consider switching soon: "If you can switch to a deal cheaper than the July price cap, now is a good time to make the change. We urge customers to run an energy comparison as soon as possible." Additionally, Ofgem has reminded the public that they are not obliged to stick with the price cap, stating "there are better deals out there". The drop in energy prices is set to provide some respite for households that endured an "awful April" with bill increases, including Ofgem's previous 6.4 per cent price cap hike. Families under financial strain have also faced the largest water bill increase since at least February 1988, as well as significant hikes in council tax, mobile and broadband tariffs, and road tax.
