As of 1st July 2023, UK energy regulator Ofgem brought the energy price cap down to £2,074, a significant fall from the previous price guarantee of £2,500 that was introduced by the government in October 2022.

Prices had soared mostly due to an increase in wholesale energy costs caused by the war in Ukraine. Bear in mind the price cap is based on an estimate for a dual fuel household paying by direct debit based on typical consumption. It’s not an absolute cap on your energy bill, so if you consume more than the average, you will pay more.

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