The government has vowed to keep a lid on the energy bills of 15m homes until at least the end of next year after agreeing to extend the energy price cap beyond 2020. Under legislation, ministers could have abandoned the cap on standard variable energy tariffs – brought in at the start of 2019 to prevent “rip-off” energy deals – as soon as the end of this year. But government officials and the regulator have agreed to extend the cap after households saved £1bn last year, or between £75 to £100 a year for the average home using standard dual fuel energy tariff. Alok Sharma, the business and energy secretary, said the cap had been vital in ensuring customers did not pay too much on their bills, “which is why we are keeping it in place for at least another year”.
Guardian 19th Oct 2020 read more »
Close to 11 million households in the UK will continue to “get the protection they deserve” on their energy bills, as the Government extends its price cap. Since its introduction in January 2019 the cap has saved customers around £1 billion a year, with a typical annual saving of between £75 and £100. The price limit will be extended until the end of 2021 and an additional four million households with prepayment meters will also come under the protection from January. Business and Energy Secretary Alok Sharma said: “The energy price cap has been vital in ensuring customers do not pay too much on their bills, which is why we are keeping it in place for at least another year. “Switching energy supplier to find the best value deals is still the best way to save on bills, but this government is determined to make sure all customers are treated fairly and get the protection they deserve.”
Telegraph 20th Oct 2020 read more »