What does the 'Energy Price Cap' reduction mean for energy bills? ⚡
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What the Energy Price Cap reduction means for energy bills
🔹 After more than a year of rising energy bills, regulator Ofgem has announced a reduction in the Energy Price Cap from July to September
🔹 This is because wholesale energy prices are starting to fall
🔹 However, Ofgem says it’s unlikely that prices will return soon to the levels we saw before the energy crisis began
What is the Energy Price Cap?
In 2019, the government introduced the Energy Price Cap in response to rising wholesale energy costs.
It sets a maximum price that energy suppliers can charge households for each kilowatt hour (kWh) of gas and electricity used.
Since October 2022, the annual energy bill for a typical household using gas and electricity was limited to £2,500 by the Energy Price Guarantee
This is an additional temporary measure that was first put in place by the government in October 2022 because the Energy Price Cap was so high
The government’s Energy Price Guarantee will go up to £3,000 from July
This means new Energy Price Cap will be the lower of the two, taking the maximum energy bill for a typical household to £2,074 a year.
That’s around 17%, or about £426 cheaper for the average household a year.
🔸 When you’re working out how much your bills will be compared to the last six months or so, it’s worth remembering that the government’s Energy Bills Support Scheme has now come to an end
🔸 From October 2022 until March this year, all households were given a discount of £400 off energy bills as part of the scheme
🔸 This worked out as a credit of £66 credit to your electricity bills in October and November, and £67 in December, January, February and March
🔸 There aren’t currently any plans to apply the discount again this winter unless the government reinstates a similar scheme
For more information, and if you would like to know if the Energy Price Cap affects you... Click here for Rightmove's full article.
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