The Ofgem energy price cap has hit another headline grabbing figure. For the first three months of next year, Ofgem has confirmed that the energy price cap will rise to a yearly level of £4,279 for an average dual fuel household.
It's a whopping figure, which is based on households paying by direct debit based on typical consumption. However, families will still be protected by the Government’s energy price guarantee until the end of March 2023. As a result, there is “no immediate action” which needs to be taken, according to Ofgem.
A report in the Express said recent forecasts from Cornwall Insight suggest that the energy price cap will increase to £3,740 a year for a typical household from April. On top of this, the analytics firm believes the price cap will continue to be higher than £3,000 annually until at least the end of 2023. Explaining the facts behind the figures, the publication gave the low down on what the energy price cap and what the energy price quarantine means to households.
