Ofgem is lowering its energy price cap from the current £4,279 per year to £3,280 for the average household, effective from April 1, it has announced. Ofgem said the reduction of almost £1,000 reflects recent falls in wholesale energy prices.
The £3,280 figure indicates how much consumers on their energy suppliers’ basic tariff would pay if the Government’s Energy Price Guarantee (EPG) was not in place.
From April 1, the Government has set the EPG at £3,000 for the typical bill – meaning consumers will not pay the full level of the energy price cap.
