Money Wellness
An energy smart meter showing that the customer's weekly budget has been exceeded
category iconbills
category iconcost of living
calendar icon25 Aug 2023

Energy bills to remain high this winter

An annual energy bill for a typical household is set to fall slightly from October under Ofgem’s new price cap.

But reduced government support and higher daily standing charges mean most will see little difference to their bills and a significant number could end up paying more.

Today’s announcement

Ofgem announced today that the price cap will fall from £2,074 to £1,923 from the beginning of October.

Taking into account the £400 in government support households received over the winter of 2022-23, this is down £177 on last year.

But standing charges – a fixed daily payment you make regardless of how much energy you use – have been rising and are expected to carry on going up.

Calls for price cap to be scrapped

Today’s announcement follows calls for the price cap to be scrapped. The Centre for Policy Studies says it no longer fulfils its original purpose of protecting those unable to switch providers due to illness, disability or being on a prepayment meter, and is keeping bills artificially high.

Struggling to pay

If you can’t afford your energy bills, the first thing to do is speak to your supplier. A lot of energy companies have schemes offering financial support to customers who are most in need.

Debt help

If you need debt advice, we’re always happy to help. You can access our advice online or over the phone.

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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