An announcement from Ofgem, due this week, brings promising news that energy bills are expected to decrease starting this summer. An expert looks at when we can expect to see the prices fall.
If this happens, it would mark the first time since the introduction of the Energy Price Guarantee in October 2022 that prices fall below its threshold, amounting to a £438 reduction. Cornwall Insight further anticipates a modest increase to £2,098 per year starting in October.
In October 2021, the Ofgem price cap was set at £1,277 and it increased to £1,971 in April 2022. It's important to note that both the Ofgem price cap and the Energy Price Guarantee do not establish an absolute maximum limit on the amount you can pay for energy.Instead, they set a limit on what you can be charged for units of gas and electricity, plus the daily standing charge.
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