The energy price guarantee will be extended for a further three months from April to June at its current level, capping average annual household bills at £2,500, the Treasury has confirmed.
The three-month extension of the energy price guarantee (EPG) at its current level will save a typical household around £160, the Government said.
Prime Minister Rishi Sunak said: ‘We know people are worried about their bills rising in April, so to give people some peace of mind, we’re keeping the energy price guarantee at its current level until the summer when gas prices are expected to fall.
The three-month extension of the energy price guarantee (EPG) at its current £2,500 level will save a typical household around £160, the Government said
‘Continuing to hold down energy bills is part of our plan to help hardworking families with the cost of living and halve inflation this year.’
The EPG had been due to rise to £3,000 in April, but falling energy prices mean that the current level can be extended to ‘bridge the gap’ until costs fall below the cap.
Chancellor Jeremy Hunt, who included the measure in his Budget being unveiled today, said: ‘High energy bills are one of the biggest worries for families, which is why we’re maintaining the energy price guarantee at its current level.
‘With energy bills set to fall from July onwards, this temporary change will bridge the gap and ease the pressure on families, while also helping to lower inflation too.’
More to follow
Source: | This article originally belongs to Dailymail.co.uk