Government extent energy bill support

Spring Budget 2023: energy bill support extended
Chancellor Jeremy Hunt has announced in the Spring Budget that the current level of government funding to help protect people from higher energy bills will be extended for three months.

The Energy Price Guarantee (EPG) is a temporary measure that caps energy bills for typical households at around £2,500 a year.

Before the EPG was introduced in October 2022, there was already a measure in place to limit energy bills called the Energy Price Cap. Under this measure, the average annual gas and electricity bill would have been £4,279.

The government’s Energy Price Guarantee funding was due to be reduced from this April, by £500, so average energy bills were set to rise to £3,000 annually. But the three-month extension means the increase won’t come into effect until July, when it’s expected that lower wholesale gas prices will lead to reduced energy bills.

Currently the Energy Price Guarantee is set to replace the Energy Price Cap until April 2024.

Source – https://www.rightmove.co.uk/news/articles/property-news/spring-budget-energy-bill-support-extended/?utm_source=uknewsletter&utm_medium=email&utm_campaign=newslettermar323&utm_content=springbudget