Energy Price Guarantee.
On the 8th of September, the UK government announced measures to help reduce soaring energy bills. The energy price cap which was due to increase by 81% on the 1st of October 2022 will be replaced by the energy price guarantee. There will also be deductions applied to energy bills that have a high fixed rate per kWh. (clarification is needed)
@sarah_go_green This is how much you will pay per kWh on #energypriceguarantee it’s replaces the #energypricecap from 1/10/22. It is the cheapest #energytariff #gas ♬ original sound – sarah_go_green
How much will you pay if you are on the energy price guarantee? (Stanard variable tariff)
10.3p per kWh for gas.
34p per kWh for electricity.
Standing charges seem to remain unchanged.
The energy price guarantee will remain in place for 2 years.
This is the average price you should expect to pay on the energy price guarantee. It may vary depending on your location.
If you are on a fixed tariff you could also get a discount.
Under the government’s energy price guarantee, you could also get a discount of;
17p per kWh for electricity
4.2 per kWh for gas.
The wording on the .gov website isn’t very clear.
If you’re on a fixed tariff at a higher rate caused by recent energy price rises, your unit prices will be reduced by 17p/kWh for electricity and 4.2p/kWh for gas.
These unit prices have been passed to suppliers to ensure that they are used to calculate bills on time for 1 October.
Energy suppliers will adjust fixed tariffs automatically. Customers on fixed tariffs do not need to take any action to get the benefits of this scheme.