Cost of living energy bills: What is the energy price cap?

The new Ofgem price cap comes into effect in April, as the average household is set to see energy bills drop by 12.3 per cent.

The £238 fall over the year equates to around £20 saved each month for the average household in England, Scotland and Wales. Stephen explains: “The energy price cap is essentially the government’s energy price guarantee. It is a cap on the cost of a unit of gas and electricity, with standard charges considered.

“While the energy price cap drop will lead to an estimated 12% saving for most households, with warmer weather meaning that we’re less likely to put the heating on, households could see a further reduction in their bills in the coming months.

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