As the cost of living crisis continues in the UK thanks to energy bills increasing again in 2023 - here's exactly what the energy price cap and guarantee means and an explanation as to why bills are going up again.
Gas bills paired with electricity will see households paying up to £500 more.The energy price cap is a limit on the price people/households can pay suppliers for their energy. This is worked out on each kilowatt hour of energy use meaning you only pay for the gas and energy you use.
The cap works as a government protection that ensures the profit that energy suppliers make is capped.There is now also an energy price guarantee, a measure used to protect customers following the recent significant increases in the UK.
The government's £400 energy rebate scheme, which has been paid in instalments over six months, will be ending this month. The energy price guarantee will also be reinstated from April 2023 as Jeremy Hunt confirmed it will be back again, but this time it will increase by £500. This means a typical household will pay around £3,000 annually rather than the previous £2,500.
On a more positive note, energy prices are predicted to drop from July to September to around £2,800.
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