The typical household bill will rise to £3,000 a year in April. How will it affect you?
The amount suppliers can charge households for energy has been cut by regulator Ofgem but bills will still rise in April as government help eases.
The government currently compensates energy suppliers with the difference between the guarantee and Ofgem's cap. Emily Fry, economist at Resolution Foundation think tank, said: "While consumers won't have to face typical bills of £3,280 this spring, many are still set to see bills rise by a fifth as government support is scaled back."that although the policy remained under review, he did not think the government had the "headroom to make a major new initiative to help people". Ministers also point out wider support, such as rising benefit payments in April, will help people.
"Today's announcement reflects the fundamental shift in the cost of wholesale energy for the first time since the gas crisis began, and while it won't make an immediate difference to consumers, it's a sign that some of the immense pressure we've seen in the energy markets over the last 18 months may be starting to ease," he said.The EPG began in October last year, and is scheduled to continue to April 2024.
The government also discounted everyone's bills by an additional £400 this winter but this support comes to an end in April. Lump sum payments have also been available in Northern Ireland, which has a more complex market, including many households using heating oil.
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