Households face a painful hike to their energy bills in April, with government support tapering off and the price cap remaining above the subsidised rate.
Watchdog Ofgem has slashed the price cap to £3,280 per year for average households for the second quarter of 2023, an almost £1,000 drop from the current record level of £4,279 per year – reflecting sharp falls in wholesale energy prices.
This is an effective £900 bump up for average household energy bills – raising the prospect of heightened fuel poverty and households struggling to cover their costs. This will mean that, by the summer, prices paid by consumers will drop for the first time since the global gas crisis took hold more than 18 months ago.
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