energy price cap

Energy price cap drops this summer, affording households minor respite from an estimated £600 annual increase in fuel bills from October.

Energy company EDF has launched a new tracker tariff set £50 below Ofgem’s energy price cap, to help reduce energy costs for households.

Ofgem has set its objectives and priorities for the next five years, emphasising its dedication to “protect, build, change and deliver”.

Ofgem has launched a review into standing charges, how it is applied to energy bills and what alternatives could be considered.

The Centre for Policy Studies (CPS) has called for the abolishment of the price cap claiming it has gone “far beyond its intended purpose.”

Energy regulator Ofgem has confirmed that the energy price cap will tumble to £2,074 from 1 July – the first time in 18 months it has fallen.

Following the closure of the observation window on 17 February, Cornwall Insight has confirmed its final prediction for the April Default Tariff cap for a typical household is £3,294 equivalent per year.

According to analysis conducted by Octopus Energy, UK energy customers are being charged up to £254 extra annually for not using direct debit when paying energy bills. This is more than three times the cost of what it was in April 2021 when the figure stood at £84.

Cornwall Insight has identified via the latest Default Tariff Cap forecasts for April to June 2023 that the average consumer is predicted to pay £3,702 from April as opposed to the previously projected £4,255.

Although the introduction of the Energy Price Guarantee is a broadly welcome and required intervention by the UK Government, there are number key clarifications needed.