The UK’s energy regulator Ofgem has announced that it will lower its quarterly price cap on household energy bills starting from July 2023 by 37% to an annual level of £2,074 (€2,388), compared to £3,280 (€3,776) currently. This revised energy price cap will be effective until 30 September 2023. In April 2023, Ofgem had already lowered the price cap by 23%.
In addition to Ofgem’s price cap, the British government set up a the Energy Price Guarantee (EPG) in November 2022 to protect households from increases in energy costs. The EPG cap will decline from £2,500/year (€2,872/year) in April 2023 to £2,074 (€2,388) over the July-September 2023 period. The scheme will be in place until April 2024.
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