Ofgem’s new energy price cap hits in five days

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Britain‘s energy regulator is set to implement its latest energy price cap level announced on 23rd February, starting from 1st April.

The energy price cap defines the maximum rate energy suppliers are permitted to charge for each unit of energy used and the standing charge, applicable to customers on a standard variable tariff.

Between 1st April 1st and 30th June 2024, the annual energy price for a typical household using both electricity and gas and paying by direct debit, will decrease to £1,690.

This marks a £238 reduction compared to the previous price cap set between 1st January and 31st March 2024 which stood at £1,928.

Despite this anticipated decrease, households have been grappling with high prices for the past two years and analysts suggest the possibility of further reductions in the summer.

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