The price cap is set by the country’s energy regulator Ofgem
The Ofgem energy price cap has hit another headline grabbing figure. For the first three months of next year, Ofgem has confirmed that the energy price cap will rise to a yearly level of £4,279 for an average dual fuel household.
The energy price cap explained and limits the maximum amount suppliers can charge households for each unit of energy they use. It applies to those living in England, Scotland and Wales. On October 1, the energy price cap rose once again with experts estimating that average bills could have hit £3,500, based on typical use, without the announcement of further cost of living support to mitigate the damage.
The energy price guarantee - what you need to know The energy price guarantee was announced under Liz Truss’ leadership. The typical price of a unit of gas and electricity is capped which means the average household will pay £2,500 a year for energy bills, based on typical use, under this Government scheme.
Originally created to last for two years, Chancellor Jeremy Hunt has announced it would end in April 2023. However, Mr Hunt confirmed the existing price guarantee will rise to £3,000 from April next year, for 12 months. “It could help right now by bringing in a winter ban on energy suppliers forcing struggling households on to prepayment meters. Importantly, we also need a concrete plan to tackle the cliff edge in support that people are facing come April.
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