The Government says its new energy support package will save households between £650 and £1,400 on what they could have faced had the planned October price cap gone ahead.
New UK Prime Minister Liz Truss announced her new strategy on energy prices on Thursday which included two-year energy price guarantee for households from October 1. She confirmed the Ofgem price cap will be scrapped in favour of a “two year energy price guarantee”.
The announcement means that energy bills will be frozen at £2,500 for two years in the run-up to the next general election as families battle the cost-of-living crisis. The energy price cap had been due to rise to £3,549 per year from October 1, Ofgem confirmed in late August.
