Part of the cost of sky-high energy bills could be eliminated under proposals from the Ofgem energy regulator to help British households cope with rising living costs.<\/p>\n\n\n\n
Ofgem’s plans to reduce standing charges could result in lower energy bills.<\/p>\n\n\n\n
Millions of households in the UK have already seen their bills rise after Ofgem raised the April price cap to just under \u00a32,000.<\/p>\n\n\n\n
This price cap, which is expected to rise to \u00a32,800 in October, limits how much the average home on a variable rate deal pays for energy each year.<\/p>\n\n\n\n
However, Ofgem CEO Jonathan Brearley stated today that the energy regulator is looking into the matter.<\/p>\n\n\n\n
A standing charge is something you pay to your energy provider even if you don’t use any electricity or gas, and it’s added to most bills.<\/p>\n\n\n\n
Standing charges for electricity are approximately 45p per day per household, and gas standing charges are approximately 27p per day.<\/p>\n\n\n\n
Even before you use any energy that adds up to \u00a3164.25 for electricity and \u00a398.50 for gas per year.<\/p>\n\n\n\n
The price cap is currently changed every six months, in April and October, but Ofgem has proposed changing this to every three months.<\/p>\n\n\n\n
This means it will be revisited in January. The price cap was first implemented by Ofgem in 2019, and it is based on a number of factors, including the wholesale cost of power in the previous six months.<\/p>\n","protected":false},"excerpt":{"rendered":"
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