What the Energy Price Cap change means for energy bills...

The Energy Price Cap is the maximum amount energy suppliers can charge you for each unit of energy you use. It’s updated every three months by energy regulator Ofgem, to make sure that prices reflect changes in underlying energy costs as well as inflation.

The cap was reduced from July to September, limiting the average bill for a typical household using gas and electricity (and paying by direct debit) to £2,074 year, or about £173 a month. Wholesale energy prices have now fallen further, so Ofgem has announced another drop from October to December, reducing the cap by around 7% to £1,923 a year, or about £160 a month.

For more details visit: https://www.rightmove.co.uk/news/articles/property-news/energy-price-cap-change-oct-2023/