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Listen: energy price cap explained

27th February 2023
Posted by Aston Avery

The latest Energy Price Cap rise has been announced today (27th Feb) by Ofgem – determining how much people across the UK would be paying for their energy between April and June if the government’s Energy Price Guarantee (EPG) wasn’t in effect.

However, with the EPG cap set to rise to £3,000 on April 1st, it’s vital that households understand how this will impact them. Unfortunately, new research has uncovered that almost a third of people in the UK (30%) have little or no understanding of how the Energy Price Cap works and 28% don’t understand the EPG. With knowledge of current energy policy so low, it’s no wonder over a third of people (37%) feel confused about their energy bills.

This confusion may also explain why just under a quarter (24%) of vouchers from the governments Energy Bill Support Scheme (EBSS) are still unredeemed by people with analogue prepay meters. The vouchers are applied automatically for anyone with a smart prepay meter, but households with an analogue prepay meter need to take action to redeem their vouchers and could be at risk of missing out when these vouchers expire.

Aston spoke to Fflur Lawton from Smart Energy GB.

Photo by Sies Kranen on Unsplash