Martin Lewis has confirmed the energy price rates that will be in effect from this October. The money-saving expert took to Twitter to inform people about the new prices due to affect millions of homes and families.
He said electricity standing charges would be 46.36p per day and 28.49p per day for gas as Liz Truss announced a freeze on bills for the next two years. In a statement, the Prime Minister said the Ofgem price cap will be replaced with a "two-year energy price guarantee", Birmingham Live reports.
This would mean a typical UK household will pay no more than £2,500 a year (equivalent to £208.33 a month) on bills for two years from October 1. The price cap had been set to rise far higher than that, to £3,582 (£298.50 a month) in October, £4,266 (£355.50 a month) in January, and then to almost £4,427 (£368.91 a month) in April 2023.
