British energy regulator Ofgem on Monday lowered its price cap on household energy bills from April, but this will offer little relief to consumers as energy costs continue to rise.
The government guarantee is a temporary measure to protect consumers from increases in wholesale gas prices.
Energy bills will still be higher or lower depending on how much energy is used. The discount is applied automatically by the supplier. If wholesale prices keep falling, Ofgem's price cap could fall below the energy price guarantee in July, resulting in lower energy bills. Consultancy Cornwall Insights forecasts that the price cap could be around 2,112 pounds in the third quarter and 2,118 pounds in the fourth quarter.
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