Ofgem price cap returns from 1st July 2023
Under Ofgem’s latest price cap revision, annual energy bills for typical households are expected to fall to £2,074 from 1st July 2023 – the lowest in over a year.
The Energy Price Guarantee (EPG) that the government introduced last October capped energy prices per unit to limit the average bill to £2,500 a year until 30th June 2023, helping domestic consumers to save compared to Ofgem’s £3,280 cap for the current quarter.
The EPG is due to increase to £3,000 from 1st July and will remain in place until March 2024, but Ofgem reducing their cap to £2,074 means most people are unlikely to pay that much.
This seems like good news for families, home-based employees, and small business owners working from a residence – but will energy bills really change that drastically?