The government’s energy price freeze will now last just six months, following an announcement by the new chancellor Jeremy Hunt.
of his predecessor Kwasi Kwarteng’s mini-budget, is designed to “cost the taxpayer significantly less than planned”.What is the energy price freeze?Under the current plan, bills are frozen at a lower rate than Ofgem’sThe unit price of electricity is capped at 34p per kilowatt hour while gas is capped at 10p per kilowatt hour .
“But beyond that, the prime minister and I have agreed it would not be responsible to continue exposing public finances to unlimited volatility in international gas prices.” It’s thought that Hunt could also introduce some incentives for households to reduce their energy consumption.Worried about energy costs? Here’s how to take the awkwardness out of talking about billsAccording to estimates by consultancy Cornwall Insight, the average annual bill could skyrocket to £4,347 next April after the energy price guarantee U-turn, with gas priced at £2,286.70 and electricity at £2,060.99.
It’s hoped that introducing a price freeze this autumn will give the government more time to make broader changes to the energy market, such as introducing pricing models that take into account cheaper and more environmentally friendly renewable energy sources, but after a chaotic few weeks for the economy, there hasn’t been an announcement on this score yet.And what are the downsides?
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