Ofgem lower energy price cap - but household bills still expected to rise
The amount energy suppliers are able to charge households has been lowered by Ofgem in its latest announcement.
However, domestic energy bills are still set to rise by an average of £500 a year despite the reduction as the Government’s support for households becomes more limited. The £3,280 figure indicates how much consumers on their energy suppliers’ basic tariff would pay if the Government’s Energy Price Guarantee was not in place.
“However, today’s announcement reflects the fundamental shift in the cost of wholesale energy for the first time since the gas crisis began, and while it won’t make an immediate difference to consumers, it’s a sign that some of the immense pressure we’ve seen in the energy markets over the last 18 months may be starting to ease.
“Where people are struggling, we urge them to contact their supplier to make sure they are getting all the help and support they are entitled to. We also think that, with bills continuing to be so high, there is a case for examining with urgency the feasibility of a social tariff for customers in the most vulnerable situations.”
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