The Prime Minister, Rt. Hon Liz Truss MP, has announced that typical households will pay no more than £2,500 a year on gas and electricity bills from 1 October through the Energy Price Guarantee (EPG).
The Prime Minister confirmed that the new price guarantee will last for two years and will be paired with both the existing Energy Bill Support Scheme (EBSS), which will provide £400 support to households, and a £150 saving, brought about by a temporary suspension of green levies on energy bills.
Households who do not pay direct for mains gas and electricity – such as those living in park homes or on heat networks – will receive support through a new fund.
The new guarantee will apply to households in Great Britain, with the same level of support made available to households in Northern Ireland.
The government will also support business, charities and public sector organisations with their energy costs this winter, providing an equivalent guarantee for six months.
In addition, HM Treasury announced today a joint scheme, working with the Bank of England, to address the extraordinary liquidity requirements faced by energy firms operating in UK wholesale gas and/or electricity markets. The scheme will provide resilience to both energy and financial markets, and the economy, and reduce the eventual cost for businesses and consumers.
The government also announced a new Energy Supply Taskforce to agree long-term contracts that reduce the price they charge for energy and increase the security of its supply.
The Chancellor of the Exchequer will set out the expected costs as part of the fiscal statement later this month.
The Department for Business, Energy & Industrial Strategy has produced a factsheet which outlines the Energy Price Guarantee support for households, and support for businesses and non-domestic consumers with energy bills.
More information on the government’s cost of living support can be found at the link below.
Factsheet:
https://www.gov.uk/government/publications/energy-bills-support
Cost of Living support:
https://helpforhouseholds.campaign.gov.uk/
