Energy prices have now fallen to their lowest level for two years, but experts are urging people to stick to savings habits because bills remain expensive. The annual bill for a household using a typical amount of gas and electricity has dropped by £238, to £1,690, under regulator Ofgem’s latest price cap.
But energy saving tips, such as using songs to time four-minute showers, should be maintained, advisers say. The fixed standing charge element of bills has risen from Monday.
New prices
Ofgem’s latest quarterly price cap has now come into force. It affects 29 million households in England, Wales and Scotland. Rules are different in Northern Ireland, where prices are also falling.The price cap sets the maximum amount suppliers can charge for each unit of gas and electricity but not the total bill – so if you use more, you will pay more.
Specifically, in England, Wales and Scotland:
Gas prices are now capped at 6p per kilowatt hour (kWh), and electricity at 24p per kWh. That compares to a gas price of 7.42p per kWh and 28.62p per kWh for electricity over the last three months
Households on prepayment meters will pay slightly less than those on direct debit, with a typical bill of £1,643
Those who pay their bills every three months by cash or cheque will pay more, with a typical bill of £1,796
Standing charges – a fixed daily charge covering the costs of connecting to a supply – have risen to 60p a day for electricity and 31p a day for gas, although they vary by region.
It means energy prices are now at their lowest level since Russia’s full-scale invasion of Ukraine in February 2022. However, even after the fall, bills remain well above pre-pandemic levels while some financial support from the government has expired.
Source: BBC
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