Energy suppliers will be fully compensated by the government for the savings delivered to households.įor an individual customer, the amount paid under the Energy Price Guarantee will vary depending on how much energy they use, where they live, how they pay for their energy and their metering arrangement. On average usage a household will save £1,000 a year (based on current prices from October). This new scheme will reduce the unit cost of electricity and gas so that a household with typical energy use in Great Britain pays, on average, around £2,500 a year on their energy bill, for the next 6 months. To help protect consumers, the Government has announced the Energy Price Guarantee which comes into effect on 1 October 2022. In light of the recent increase in the cost of wholesale gas, the price suppliers need to charge per unit of energy has gone up significantly.
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