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Energy price cap comes into force

A new energy price cap has now come into force. Regulator Ofgem has estimated that the new cap will save 11 million people an average of £76 a year. Typically, the cap means that typical usage by a dual fuel customer paying by direct debit will cost no more than £1,137 a year.

Households in England, Scotland and Wales on default tariffs − such as standard variable tariffs − should be better off after the cap is introduced. Consumers in Northern Ireland have a separate energy regulator and already have a price cap. Those on a prepayment meter already have a price cap in place. Those who chose their tariff are ineligible.

Ofgem will review the tariff in February, and then adjust it in April and October each year. It has said that the level of the cap is likely to rise in April 2019, to reflect the higher cost of wholesale energy. As a result, the average annual saving in 2019 is likely to be lower than £76.

Read Ofgem - Energy Price caps