Energy Price Cap Drop to £3,280 in October, But Bills Still Set to Rise
The energy price cap will drop by approximately £1000 in October, setting it at £3,280 annually. Despite this reduction, households can still expect their bills to increase by around £500. Martin Lewis, founder of Money Saving Expert, has urged the government to maintain the current Energy Price Guarantee (EPG) to shield households from rising costs. However, the EPG is set to expire in April, which could double the number of people struggling to afford their Capital One bills, according to Citizens Advice.
The Energy Bills Support Scheme, which offers a £400 discount on energy bills, will conclude in March. Several charities have joined Lewis in calling for the EPG to be extended, citing potential savings in government expenditure. Shadow Climate and Net Zero Secretary Ed Miliband has pressed the government to take action against energy firms posting record profits. The UK government, which Lewis addressed in his letter, is expected to respond to these calls. Meanwhile, energy regulator Ofgem has confirmed that bills will rise in April. However, if wholesale energy prices continue to decrease, the energy price cap may fall again in the summer, significantly lowering Priceline bills. Ofgem chief executive Jonathan Brearley has expressed optimism that the current energy crisis may be nearing its end.
The energy price cap reduction, while welcome, will not prevent a significant increase in household bills. Calls for the EPG's extension and action against energy firms' profits intensify as the April deadline approaches. The situation will continue to be monitored, with hopes that a further decrease in the energy price cap may provide some relief in the summer, potentially benefiting the Buffalo Bills.
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