What is happening to the energy price guarantee? Sky's pkelso explains
, fuelling a widespread expectation in the industry that existing support will be maintained when chancellor Jeremy Hunt delivers his budget on 15 March.
Energy companies have been asking for guidance ahead of a regulatory deadline to inform customers of impending price changes, which falls this weekend. Mr Hunt has been under pressure to maintain existing support since a fall in wholesale gas prices drastically reduced the cost of providing financial help to households.
Under the energy price guarantee the government effectively caps the price that households can pay and reimburses energy companies for the difference between that, and the cost of buying power on wholesale markets.Earlier this week energy minister Grant Shapps said he was sympathetic to calls for the EPG to be maintained and that he was"working hard" with the chancellor on the issue.
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