Energy Bills capped at £2500 a year - for the average household (subject to usage)

[BecauseICan22]

Truss has just announced this.

More info here

www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022

If you’re on a standard variable tariff

The average unit price for dual fuel customers paying by direct debit will be limited to 34.0p/kWh for electricity and 10.3p/kWh for gas, inclusive of VAT, from 1 October.

Currently - gas is 7p per KWH and about 27p per KWH for electricity (it was 3p per KWH for electricity and 21p last January)

How does this compare to the original October cap? The figures look high…

Average standing charges will remain in line with the levels set by Ofgem for the default tariff cap from 1 October, at 46p per day for electricity and 28p per day for gas, for a typical dual fuel customer paying by direct debit.

That's the standing charges. The new kwh cap is lower than the October one was going to be

So the new cap will be 34p instead of 52p for electricity and 10.3p instead of 15p for gas. That makes it quite a bit cheaper than the original October price cap rise

Yes, I know, as it says standing charges. However the information was not shared by a previous poster so I included them 😄

What a farce - capping them after the price rise so it looks like she is doing us a favour.

Well they could have always let prices go up according to the established formula and let them rise to five times the level they were in early 2021 by early next year, because that's what they've stopped from happening.

It's a shit situation, that has been incredibly expensive to (partly) solve, but at least something meaningful has been done that will help a lot of people. And yes I know that many will still be in dire poverty, even with the government intervention.

Eh?

Prices we’re predicted to be much higher than this so she has done us a favour.

Would you prefer the previously predicted prices?

Cheaper than what they could have been BUT a lot more than what it was last year

Glass half full or glass half empty.

Or who drank my drink?