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What the Ofgem Price Cap Announcement Could Mean for Your Energy Bills
- On Wednesday, Ofgem plans to cut the energy price cap by £117 to £1,641 a year for a typical dual-fuel household from April 1.
- Policy moves in November set up a £150 cut to household bills by scrapping the Energy Company Obligation and shifting 75% of Renewables Obligation costs onto general taxation, according to Chancellor Rachel Reeves.
- A reduction to electricity unit charges means the bulk of savings will come via a lower electricity unit rate, with an expected cut of around 3.37p per kilowatt hour , so actual savings will vary by usage and suppliers will send details in the coming weeks.
- Forecasts show about a 7% fall in bills, while Cornwall Insight calculates roughly �150 after VAT and allowances, but rising network charges have already offset part of the savings.
- Cornwall Insight expects stability through 2026, with only a small July change; some fixed tariffs may include cuts from February 25, so households considering switching should await Wednesday's announcement.
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11 Articles
Coverage Details
Total News Sources11
Leaning Left7Leaning Right1Center3Last UpdatedBias Distribution64% Left
Bias Distribution
- 64% of the sources lean Left
64% Left
L 64%
C 27%
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