I welcome that, following rapid increases in wholesale energy prices, the Government has taken action to protect the most vulnerable. As you may know, the Government is maintaining the Energy Price Guarantee (EPG). The EPG limits the amount that consumers can be charged per unit of gas or electricity. The current price guarantee, set at £3,000, will support households until April 2024. Although energy prices are currently below the level at which EPG payments would be made, it will remain in force until the end of March 2024 to protect households from price spikes, putting in place a safety net for the most vulnerable.
Can I also draw your attention to the Household support fund which you can find a link to on my website here: https://www.laurafarris.org.uk/cost-living-support
Additionally, as set out at the Autumn Statement 2022, the Government is working with consumer groups and industry to consider the best approach to consumer protection in energy markets, as part of wider retail market reforms. I understand that a variety of options, including social tariffs, are under consideration. As set out in the Energy Security Strategy, the Government will continue to ensure that energy is affordable for all consumers.
(January 2024)
