Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Energy Price Cap in Great Britain to Hit Two-Year Low at £1,690 in April

by February 24, 2024
February 24, 2024
Energy Price Cap in Great Britain to Hit Two-Year Low at £1,690 in April

Great news for households in Great Britain as the energy price cap is set to decrease to £1,690 starting from April, marking its lowest level in two years.

This reduction of £238 comes as a relief for millions of households, attributed to a combination of factors including a mild winter and decreased gas prices, according to the energy regulator Ofgem.

The energy price cap, which is determined by Ofgem, serves as a benchmark reflecting the average annual bill for 29 million households in England. This reduction represents a significant 12.3% decrease from the current quarter’s cap of £1,928.

In a move aimed at supporting the most vulnerable households, Ofgem has announced the equalization of standing charges, ensuring that customers with prepayment meters are no longer charged more for their connection compared to those on credit or direct debit.

The decrease in wholesale gas prices, attributed to a mild winter in Europe and ample supplies of liquified natural gas in Europe and Asia, has contributed to the decline in household bills. However, despite this reduction, the average household’s energy costs remain substantially higher than pre-crisis levels.

Despite the positive news of the price cap reduction, concerns remain regarding the persistence of fuel poverty, with an estimated 6 million households still impacted. The energy price cap will be subject to adjustment again in July, with expectations of further reductions before a subsequent rise in October.

Ofgem has also introduced measures to ensure adequate support for customers struggling with energy costs, including a temporary additional payment of £28 per year to suppliers. Additionally, the regulator has emphasized the need for a fairer and more resilient energy system, addressing issues of inequity and supporting vulnerable consumers.

Government officials have welcomed the decrease in the energy price cap, viewing it as a milestone. Plans are underway to examine standard energy deals to ensure the passing on of the cheapest electricity costs to consumers. However, concerns persist regarding the delayed implementation of a new plan for energy bill support, with advocacy groups urging action to alleviate the financial burden on households.

Overall, the decrease in the energy price cap offers a much-needed reprieve for households, with potential implications for inflation and monetary policy decisions in the coming months.

Read more:
Energy Price Cap in Great Britain to Hit Two-Year Low at £1,690 in April

0
FacebookTwitterGoogle +Pinterest
previous post
Here are the areas where Haley could put up a fight as Trump looks to sweep the South Carolina primary
next post
Leeds Building Society Trials Ban on New Holiday Let Mortgages in Tourist Hotspots

You may also like

Members of ‘pension liberation scheme’ lose tax case

March 28, 2023

How Small Businesses Can Benefit from Managed IT...

November 27, 2024

Key considerations for succession planning for business owners

September 2, 2022

Pub bodies warn of ‘Worse than the pandemic...

April 4, 2023

Capital Gains Tax concerns loom over UK tech...

October 18, 2024

Emma Watson’s gin brand nets £5m as Renais...

January 9, 2025

Deadline extended for National Insurance top-ups

March 12, 2023

Top 10 industrial gearbox types for high performance...

May 4, 2023

Unplugging Distractions: Mastering Concentration in the Modern World

September 4, 2023

CBI says UK set to dodge recession, but...

June 12, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved