Energy Price Cap for January - March 2024: what the changes mean for energy bills 💡
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Key findings from Rightmove's latest article on the Energy Price Cap:
🔹 The Energy Price Cap is the maximum amount energy suppliers can charge you for each unit of energy you use.
🔹 It’s updated every three months by energy regulator Ofgem
🔹 To make sure that prices reflect changes in underlying energy costs as well as inflation
🔹 Whilst a unit of energy is capped, the total amount you pay will depend on how much energy you use, where you live, as well as how you pay your energy bills
🔹 In November 2023, Ofgem announced a 5% increase to the price cap for January to March 2024
🔹 This is due recent rise in the price of wholesale gas
🔹 On average, household bills will rise by £94 a year as a result
🔹 When working out this year's bill versus last year, note that the £400 Energy Bills Support Scheme from late 2022 to early 2023 has now ended
📩 There are other Government-funded schemes in England, Scotland and Wales to help with energy bills. You can read further information by visiting main article on Rightmove by clicking here 📩
The current rates and standing charges in your region are outlined here.
📩 For the full article from Rightmove, click here 📩
If you would like more information about utilities and how to deal with the rising cost of energy bills, please email Scott for further advice (scott.sneath@cavendishproperty.co.uk) 📧
📸 Scott Sneath: Director of Operations and Finance at Cavendish Residential 📸
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