Energy price cap fall expected as temperatures plunge
Summary
The UK energy regulator Ofgem will announce a new energy price cap, with a slight reduction in prices expected for January. The cap affects customers on variable tariffs in England, Wales, and Scotland. Analysts predict a 1% decrease in energy prices, but costs might increase again in April.Key Facts
- Ofgem will announce the next energy price cap, with a small decrease predicted.
- The new cap will begin in January for customers on variable tariffs in England, Wales, and Scotland.
- Analysts forecast a 1% fall from the current price cap.
- The energy price cap sets a maximum price per unit of gas and electricity, not the total bill.
- A typical household uses 11,500 kilowatt-hours (kWh) of gas and 2,700 kWh of electricity yearly.
- Households currently pay around £1,755 per year under the existing cap.
- Total unpaid energy bills in the UK have reached £4.4 billion.
- Ofgem plans to make energy companies write off up to £500 million of this debt early next year.
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