LONDON: Millions of households will get more support via the extension of the Energy Price Guarantee to help ease the cost-of-living, the Chancellor announced recently.
The Energy Price Guarantee (EPG) will be kept at £2,500 for an additional three months from April to June, saving a typical household £160. Energy prices are 50 per cent lower than forecast in October, but remain high, with this support helping bridge the gap to lower prices forecast from the end of June.
Protecting households
The Energy Price Guarantee, which is protecting households by capping typical energy bills at £2,500, will be maintained at the same level for a further three months over April, May, and June, worth £160 in total for a typical household.
The Chancellor announced on easing the impact of rising prices, delivering on the Government promise to halve inflation, and growing the economy by supporting more people into work.
UK Prime Minister Rishi Sunak
The Government claimed that its support has already cut the typical family energy bill by over £1,300 since October, stopping the average household energy bill hitting £4,279 a year this winter.
The Chancellor’s three-month extension of the Energy Price Guarantee at £2,500 means households won’t feel the full force of Ofgem’s Price Cap between April and June – which stands at £3,280 – helping to bridge consumers into the summer.
Prime Minister Rishi Sunak said: “We know people are worried about their bills rising in April, so to give people some peace of mind, we’re keeping the Energy Price Guarantee at its current level until the summer when gas prices are expected to fall. Continuing to hold down energy bills is part of our plan to help hardworking families with the cost-of-living and halve inflation this year.”
Chancellor Jeremy Hunt said: “High energy bills are one of the biggest worries for families, which is why we’re maintaining the Energy Price Guarantee at its current level. With energy bills set to fall from July onwards, this temporary change will bridge the gap and ease the pressure on families, while also helping to lower inflation too.”
