Changes to the price cap being considered by Ofgem include a ‘more dynamic cap’ with ‘time-of-use dependent unit rates to encourage consumer flexibility’
It said households would be overcharged by an average of £4.65 a week if they failed to submit a meter reading and be charged on the new April rate instead of the higher March price. Most UK householders are on a standard energy tariff, meaning the price cap set by Ofgem will dictate changes to their bills.
Billpayers may also check that their energy supplier does not owe them significant credit, although it can be wise to leave some positive balance on your account for when your usage fluctuates, with new figures from Ofgem showing people were owed an average of £252 in 2023. “This is when the next energy price cap comes into effect, which will see the rates that households on standard variable tariffs pay for their energy fall for April, May and June.”
Road tax will rise in line with the Real Price Index , the measure of inflation that takes into account a representative sample of goods and services, whilst water and sewerage bills also rose by 6 per cent, equating to around £27, in England and Wales.
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