Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |Ofgem announces energy price cap as bills set to rise

Latest news

Browse by category
Business News

Ofgem announces energy price cap as bills set to rise

February 28 2023

The amount suppliers can charge households for energy has been cut by regulator Ofgem but bills will still rise in April as government support is set to ease.

Ofgem's announcement itself does not directly affect what customers will pay for gas and electricity but it reduces the costs faced by the government.

The typical annual household energy bill is set to rise from £2,100 to £3,000 in April because government help – known as the Energy Price Guarantee (EPG) – will become less generous and a £400 winter discount on all bills ends.

The government currently compensates energy suppliers with the difference between the guarantee and Ofgem's cap.

The energy price cap was £4,279 in January but on Monday, Ofgem announced that the cap will drop to £3,280 in April because of falling wholesale prices.

Emily Fry, Economist at think tank the Resolution Foundation, said: 'While consumers won't have to face typical bills of £3,280 this spring, many are still set to see bills rise by a fifth as government support is scaled back.'

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.