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| Version 65 | Version 66 |
|---|---|
| What is the energy price cap and how high could bills go? | What is the energy price cap and how high could bills go? |
| (7 days later) | |
| The government has reduced the amount of help it will offer with energy bills. | |
| The announcement came as part of its reversal of almost everything in September's mini-budget. | |
| How is help with energy bills changing? | |
| The government previously said annual energy bills for households using a typical amount of gas and electricity would be £2,500, for two years. | |
| However, it now says its energy price guarantee will end in April 2023. So, only this winter will be covered. | |
| What happens after that will depend on the outcome of a review, which will prioritise those most in need. | |
| The review will be led by the Treasury, which is in charge of the country's finances. | |
| Mr Hunt said it was necessary to save taxpayers money. | |
| Business customers were only ever promised help for the first six months, with a review to decide what to do after that. | |
| What Jeremy Hunt's statement means for you | |
| How much will I pay? | How much will I pay? |
| The government says the bill for a typical duel-fuel household which pays by direct debit will be £2,500 a year. Average household bills had been expected to rise to £3,549 a year before the government set the new maximum charges. | The government says the bill for a typical duel-fuel household which pays by direct debit will be £2,500 a year. Average household bills had been expected to rise to £3,549 a year before the government set the new maximum charges. |
| However, most households aren't typical, and your bill depends on how much energy you actually use. | However, most households aren't typical, and your bill depends on how much energy you actually use. |
| Things like the number of occupants, the type of property and how energy efficient it is all make a difference. | Things like the number of occupants, the type of property and how energy efficient it is all make a difference. |
| The price guarantee applies to all households in England, Scotland and Wales, with the "same level of support" available in Northern Ireland. | The price guarantee applies to all households in England, Scotland and Wales, with the "same level of support" available in Northern Ireland. |
| Many people on fixed deals will also benefit. However, those on expensive fixed tariffs could still end up paying more than those on standard variable deals. | Many people on fixed deals will also benefit. However, those on expensive fixed tariffs could still end up paying more than those on standard variable deals. |
| The government said its energy guarantee would cost £60bn for the first six months. | |
| The cost will be met by an increase in government borrowing, but the likely cost of this has soared after financial markets reacted badly to the mini-budget's plans to introduce tax cuts worth £45bn. Most of these tax cuts are now being reversed. | |
| Six tips for cutting home energy bills this winter | Six tips for cutting home energy bills this winter |
| What help will businesses get with bills? | What help will businesses get with bills? |
| Business customers have a different scheme to domestic ones. | |
| But under the government's energy bill relief scheme: | But under the government's energy bill relief scheme: |
| wholesale energy prices will be capped for firms and organisations for six months from 1 October | wholesale energy prices will be capped for firms and organisations for six months from 1 October |
| prices will be fixed at 21.1p per kWh for electricity and 7.5p per KWh for gas | prices will be fixed at 21.1p per kWh for electricity and 7.5p per KWh for gas |
| the government says this is less than half the wholesale prices expected this winter | the government says this is less than half the wholesale prices expected this winter |
| organisations on fixed price contracts will be eligible if their deal started after 1 April 2022 | organisations on fixed price contracts will be eligible if their deal started after 1 April 2022 |
| those on variable tariffs will receive an automatic discount for each unit of energy used | those on variable tariffs will receive an automatic discount for each unit of energy used |
| the savings will begin to appear in November's bills (backdated to October) and will be applied automatically | the savings will begin to appear in November's bills (backdated to October) and will be applied automatically |
| a review will be published in three months' time to identify "vulnerable" organisations needing support after March 2023 | a review will be published in three months' time to identify "vulnerable" organisations needing support after March 2023 |
| The scheme will apply to all non-domestic energy customers in England, Scotland and Wales, with a parallel scheme in Northern Ireland. | The scheme will apply to all non-domestic energy customers in England, Scotland and Wales, with a parallel scheme in Northern Ireland. |
| Why have energy prices gone up? | |
| Energy costs have soared because the conflict in Ukraine has reduced supplies of Russian gas. Prices have also risen because demand for energy has rocketed since Covid restrictions ended. | |
| These price increases are now being passed on to customers through an increase to the energy price cap. | |
| This sets the highest amount suppliers are allowed to charge domestic households for each unit of energy they use. | |
| These energy units are the kilowatt hours (kWh) shown on bills. | |
| Dual-fuel customers on a standard variable tariff who pay by direct debit will now be charged a maximum average unit price of: | |
| 34p per kWh of electricity (currently 28p) | |
| 10.3p per kWh of gas (currently 7p) | |
| The energy price cap also sets the standing charge for being connected to the grid. This will be 46p per day for electricity and 28p per day for gas, up from 45p and 27p respectively now. | |
| Homes face winter power cuts in worst-case scenario | |
| What other help can I get with my bills? | What other help can I get with my bills? |
| All households are automatically getting a one-off £400 discount on their fuel bills from October. Customers have been warned not to fall for scams requesting personal details in order to get the reduction. | All households are automatically getting a one-off £400 discount on their fuel bills from October. Customers have been warned not to fall for scams requesting personal details in order to get the reduction. |
| Eight million low-income households who receive certain benefits or tax credits are receiving £650 in two payments. | Eight million low-income households who receive certain benefits or tax credits are receiving £650 in two payments. |
| Pensioner households will get £300 and some disabled people will be paid £150. | Pensioner households will get £300 and some disabled people will be paid £150. |
| This help is being partly funded by a temporary windfall tax on oil and gas companies. | This help is being partly funded by a temporary windfall tax on oil and gas companies. |
| In addition, vulnerable families can claim help through the Household Support Fund, and the Warm Home Discount scheme. | In addition, vulnerable families can claim help through the Household Support Fund, and the Warm Home Discount scheme. |
| Energy companies also run hardship funds, although the regulator Ofgem warned that most firms need to do do more to help customers who are struggling. | Energy companies also run hardship funds, although the regulator Ofgem warned that most firms need to do do more to help customers who are struggling. |
| What can I do if I can't pay my energy bill? | What can I do if I can't pay my energy bill? |
| Ofgem: Getting help if you can't afford your energy bills | Ofgem: Getting help if you can't afford your energy bills |
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