The energy price cap is the maximum amount energy suppliers can charge you for each unit of energy if you’re on a standard variable tariff
What is the change mean?
The July to September 2023 price cap level meant the average household on a standard variable tariff was paying £2,074 a year. The energy regulator said it was cutting the price that a supplier could charge for gas from 6.9p per kilowatt hour today to 6.89p from 1 October.This means that the average household bill will end up at around £1,923 per year, according to the regulator’s calculations. Customers on prepayment meters will pay £1,949 on average.This is based on an estimate that the average household uses 2,900 kWh of electricity and 12,000 kWh of gas.
Ofgem chief executive, Jonathan Brearley, said: “It is welcome news that the price cap continues to fall, however, we know people are struggling with the wider cost of living challenges and I can’t offer any certainty that things will ease this winter.”
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