Energy price guarantee

What is changing?

Households will see a fall in their energy bills from July 2023 after a drop in the price cap, which limits how much your suppliers can charge your household for each unit of energy you use.

A typical household will now pay £2,074 a year for your gas and electricity bill however, dependent on your usage, you could pay above or below this amount.

What is the difference between the Energy Price Cap and the Energy Price Guarantee?

The energy price guarantee was introduced in October 2022 by UK Government to reduce the significant impact on households pf rising energy costs.

Under the guarantee the average typical bill per household was £2,500.00. Now energy prices have fallen, households with typical usage will pay over £400 less.

Who sets the Energy Price Cap and how often is this changed?

The energy price cap is reviewed every 3 months and is set by the energy industry regulator, Ofgem.

If the Energy Price Cap is lower than the guarantee how much money will I save?

Whilst the energy price cap is lower than recent months, experts are suggesting households will not see a difference in their bills.

This is because in addition to the energy price guarantee, households in Winter 2022 received an energy bills discount of £400 spread over a 6 month period.

Why can’t Electricity North West lower costs?

Your energy bills are charged by your chosen supplier and from that, we receive around £120 each year per household, to keep the power flowing through out our region.

I’m worried I can’t afford my bills

We know that times are difficult for many of us right now and often it’s hard to know where to turn. We’ve teamed up with charitable experts across the North West to make sure you can access the right level of free support personalised to your circumstances.