- The recent announcement from Ofgem about the energy price cap falling to £2,074 has been hailed as good news by some despite the current state of things. However, the reality is that this “price reduction” means consumers will still be paying almost double what they were paying a few years ago. While the 17% reduction may seem significant, most households won’t see much of a difference. Previously, the government’s energy price guarantee ensured an average price of £2,500 by limiting the unit price of electricity paid by consumers, but this guarantee will now fall away along with the £400 of extra support through the winter that has already been withdrawn.
Price Cap Reduction by Ofgem to Have Little Impact on Most Households
- 25 May 2023
- 6 Views
Jack Wilson is an experienced finance writer and analyst with a deep understanding of the global economy, stock market, and personal finance. He holds an MBA in Finance and has worked in the industry for over 12 years. Jack's insights and commentary have been featured in various financial publications. In his spare time, he enjoys investing and following the latest market trends.
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