Britons will pay less for energy - Regulator reduces maximum price by 7% from April
Most British households will pay lower energy bills from April, energy regulator Ofgem said, after cutting the maximum price by 7% under government measures to ease costs.
The move follows plans set out in last year's budget to shift some renewable energy costs into general taxation and to scrap a scheme that requires suppliers to fund measures such as insulation for low-income households.
The new limit of £1,641 per year for average electricity and gas usage is £117 lower than the level set for the January-March period.
The government said last year it would shift 75% of the cost of the Renewable Resources Duty, which funds renewable energy production, from consumer bills to general taxation from April.
It also said it would scrap a scheme that required energy companies to fund measures such as insulation and new heating systems for low-income households. Both measures would remove around £150 a year from average household bills. However, rising network costs have offset some of these savings.
Wholesale gas and electricity prices are an important part of the formula Ofgem uses to calculate the maximum price and these have fallen in recent months, but network costs make up a large part of the bill.
Network costs rose by £66 compared to the last price cap period, as taxes linked to a £24 billion upgrade to the country's power transmission system began to rise.
The price cap for standard tariffs was introduced in 2019 and currently covers around two-thirds of households.
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