What does the new Energy Price Guarantee mean?
The energy price cap (the annual energy bill for an average household) was due to rise to £3,549 on 1st October 2022. On 8th September, the government announced they were intervening in the energy market. This resulted in the new ‘Energy Price Guarantee’ which sets energy costs for an average household at £2,500 per year.
This has been badly reported so please be aware that this is NOT a freeze on a total energy bill. It will cap your unit prices and standing charges so your total bill could still be higher than £2,500 if you use more energy than average.
You can find out more on this, as well as other advice on managing your energy bills, by visiting our page here.