UK households could save up to £75 on their energy bills under a new energy price cap announced by OFGEM, a recent news report has been able to suggest.
From the end of this year the upper limit for default tariffs, known as standard variable tariffs (SVT), will be set at £1,136, based on typical fuel consumption, Ofgem revealed.
The level of the cap will be able to move up or down every six months. The level will depend on costs facing suppliers, such as the wholesale price of gas and electricity, which has been rising this year.
More than 11m households will see their energy bills cut, but only those on the single most expensive default tariff of the big six will save £121, the report says. By contrast, those on the cheapest default tariff offered by the large suppliers will save only £60. Collectively, the saving will be around £1bn.
Dermot Nolan, the energy regulator’s chief executive, said: “Ofgem has made full use of the powers parliament has given us to propose a tough price cap which will give a fairer deal to consumers on poor-value default tariffs.”
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