📣 Regulator Ofgem has just announced that Great Britain’s energy price cap will fall from July, to £2,074 a year for a typical household.
* Figures are for typical domestic consumption paying by direct debit, and will vary based on actual household usage.
📷 Ofgem Price Cap Chart : Ofgem
For most, this will be a welcome decrease but others may still be finding the cost of living and energy crisis impacting their daily lives. How does this announcement affect you and what do you think the future holds for the energy market?
What's the price cap?The price cap is the maximum price per unit an energy supplier can charge you for your energy. It also includes the maximum they can bill you for your standing charge too. The price cap figure is based on an average household usage, however, you may pay more or less depending on your own household's energy consumption.
The government introduced the price cap in 2019 to protect consumers from paying too much for their energy. It's set by the energy regulator Ofgem & it's reviewed four times a year.
How does this compare with the previous cap?At the moment our customers aren't impacted by the current price cap due to the Government's Energy Price Guarantee (EPG). This limits the typical household energy bill to £2500 per year, however, in July when the price cap goes below the EPG then bills will go back to the price cap unit rates.
Ofgem announced the new price cap levels on 25th May 2023 however we will be keeping this thread updated, as well as our Blog & Website if there are any further updates.
Is there any other support available?There's lots of support available & we want to help you stay on top of your energy bills. If you find you're struggling please get in touch with one of our energy specialists who can support you. You can find our contact info 👉 here 👈
You can find out more about the support we offer on our A helping hand - Extra support with the cost of living thread. There's also lots of other energy saving advice & helpful information on the E.ON Next blog.
UPDATE:You can find the latest up price cap announcement (1 April 2024 - 30 June 2024) by following this link 👉 Ofgem energy price cap April 2024 - Everything you need to know!
Last edited by DebF_EONNext; 1 Week Ago at 11:19. Reason: Additional Visuals
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