Martin Lewis has explained how next week's energy price cap announcement will affect household bills.
However, customers will pay about 20% more on their bills – approximately £500 – as the Government’s additional support in the form of the Energy Price Guarantee will be scrapped from April. In a series of tweets, the Money Saving Expert explained what this means for households.He has also urged the government to postpone the energy bill increase until July. Martin explained: "The energy price cap is set by Ofgem based on wholesale rates - those energy retailers pay.
"Yet its very likely from July, the Cap will be lower than the EPG at its current level so from that point, unless wholesale prices rocket again the EPG will be irrelevant and we will go back to paying the lower Cap price. Which is why it seems especially futile to subject people to the financial and mental health damage of a 20% rise for three months, especially as the EPG will cost many £bns less than originally thought.
"PS the letter I wrote to the Chancellor, which you can see in my past tweets, and is now supported by nearly 80 major charities, asks him to postpone the EPG rise until July. Which as you'll understand from the above likely means the rise will never hit bills in practice."
Not really a cap if the cap keeps rising lol
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Source: MENnewsdesk - 🏆 23. / 69 Read more »