Energy price cap rises: Millions of Brits face bill hike as Ofgem announces an average £693 increase
News Just In...
We knew it was coming, but good lord, an average £700 price increase, per household, in energy costs from this coming April!
Millions of households will see their energy bills rise to a typical £1,971 a year after regulator Ofgem increased its price cap by 54%.
The increase, which will on average see bills for customers paying by direct debit with default variable gas and electricity tariffs rise by £693, will take effect in April and follows a 12% rise in October.
The cap, which limits how much providers charge per unit, is going up because of an unprecedented rise in gas prices.
To help combat this rise, it has been announced:
People whose homes are in council tax bands A-D will receive a £150 council tax discount in April, Rishi Sunak has announced. You can check what band your home is in, HERE.
Local authorities will be given a discretionary fund "of nearly £50m" to help households - including those exempt from council tax at all.
Spreading the cost rise over time - domestic electricity customers will receive a £200 discount on their electricity bills from October and this discount will automatically be repaid from people's bills in equal £40 instalments over the next five years.
Time to keep those lights turned off, and the heating on low folks, and for many to have to choose between heat or food...