Energy regulator, Ofgem, has today announced the Price Cap for standard variable tariffs will fall again from the 1st of October, to £1,923 per year, or £160 per month.

Year-on-year, this appears to be a welcome drop as last October the government’s Energy Price Guarantee was fixing our energy bills at £2,500 per year, or £208 per month.

However, last year, government used part of the windfall tax levied against energy producers to provide £400 to all residential electricity customers, between October and March, reducing the average monthly bill by £67.

This means, the average energy bills for October-December last year were £141 per month, compared to £160 this year. With the continuing Cost of Living Crisis causing many other household bills to surge, we would urge government to commit to further action to ensure households are able to keep warm and well this winter.

You can read Ofgem’s press release here: https://www.ofgem.gov.uk/publications/energy-prices-fall-again-winter