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| Version 57 | Version 58 |
|---|---|
| What is the energy price cap and how high could bills go? | What is the energy price cap and how high could bills go? |
| (about 5 hours later) | |
| The government has set out details of its "Energy Bill Relief Scheme" for businesses, charities and other organisations including schools and hospitals. | |
| They were promised "equivalent" help when plans to limit price increases for households were announced earlier in September. | |
| What help will businesses get with bills? | What help will businesses get with bills? |
| Under the scheme: | |
| Wholesale energy prices will be capped for all organisations for six months from 1 October | |
| Prices will be fixed at 21.1p per kilowatt hours (kWh) for electricity and 7.5p per KWh for gas | |
| The government says this represents less than half the wholesale prices which had been expected this winter | |
| At present, firms aren't covered by an energy price cap in the way that households are | |
| Organisations already on a fixed price contact will be eligible for the scheme, as long as the deal started after 1 April 2022 | |
| Those on variable tariffs will receive an automatic discount for each unit of energy used | |
| The savings will begin to appear in November's bills (backdated to October) and will be applied automatically | |
| A review will be published in three months' time to identify "vulnerable" organisations that will need further support after March 2023 | |
| The Energy Bill Relief Scheme will apply to all non-domestic energy customers in England, Scotland and Wales. | |
| A parallel scheme, based on the same criteria and offering equivalent support, will be established in Northern Ireland. | |
| All UK businesses to see energy bills capped | |
| What is the energy plan for households? | |
| The government has already announced plans to help households. | The government has already announced plans to help households. |
| Measures include: | Measures include: |
| A typical household's energy bill will rise to £2,500 a year from 1 October (from £1,971) | A typical household's energy bill will rise to £2,500 a year from 1 October (from £1,971) |
| The "energy price guarantee" will last two years | The "energy price guarantee" will last two years |
| This is not a limit on how much you will pay - your bill depends on how much energy you actually use | This is not a limit on how much you will pay - your bill depends on how much energy you actually use |
| Before the announcement, typical household bills had been due to rise to £3,549 a year | Before the announcement, typical household bills had been due to rise to £3,549 a year |
| The plan applies to all households in England, Scotland and Wales. In Northern Ireland, the "same level of support" will be available | The plan applies to all households in England, Scotland and Wales. In Northern Ireland, the "same level of support" will be available |
| The one-off £400 fuel bill discount payments for households will go ahead | The one-off £400 fuel bill discount payments for households will go ahead |
| Anyone who doesn't use mains gas and electricity - such as those using heating oil - will receive equivalent help | Anyone who doesn't use mains gas and electricity - such as those using heating oil - will receive equivalent help |
| What is the energy price cap and how does it work? | What is the energy price cap and how does it work? |
| The energy price guarantee will replace the existing energy price cap, which sets the the highest amount suppliers are allowed to charge households for every unit of energy they use. | The energy price guarantee will replace the existing energy price cap, which sets the the highest amount suppliers are allowed to charge households for every unit of energy they use. |
| These energy units are the kilowatt hours (kWh) on your bills. | These energy units are the kilowatt hours (kWh) on your bills. |
| From 1 October, dual-fuel customers on a standard variable tariff will pay: | From 1 October, dual-fuel customers on a standard variable tariff will pay: |
| 34p per kWh of electricity | 34p per kWh of electricity |
| 10.3p per kWh of gas | 10.3p per kWh of gas |
| Under the new price guarantee, a typical household can expect to pay about £2,500 a year. | Under the new price guarantee, a typical household can expect to pay about £2,500 a year. |
| But most households aren't actually typical. Many factors - like the number of people in a house, the type of property and how much they use their heating - all make a difference. | But most households aren't actually typical. Many factors - like the number of people in a house, the type of property and how much they use their heating - all make a difference. |
| The government has said many people on fixed deals will also receive a discount. However, those on an expensive fixed tariff could still end up paying more than those on a standard variable tariff. | The government has said many people on fixed deals will also receive a discount. However, those on an expensive fixed tariff could still end up paying more than those on a standard variable tariff. |
| The standing charge - the fee customers pay for being connected to the energy grid - will be 46p per day for electricity and 28p per day for gas. | The standing charge - the fee customers pay for being connected to the energy grid - will be 46p per day for electricity and 28p per day for gas. |
| Fixed energy deals could still be more expensive | Fixed energy deals could still be more expensive |
| How much will the energy guarantee cost and who will pay for it? | How much will the energy guarantee cost and who will pay for it? |
| The government is still to set out the full cost of the scheme, but estimates suggest it could be between £130bn and £150bn. | The government is still to set out the full cost of the scheme, but estimates suggest it could be between £130bn and £150bn. |
| It will be paid for through increased borrowing. This is when the government raises money by selling financial products called bonds, which have to be paid back, usually after several years, with interest. | It will be paid for through increased borrowing. This is when the government raises money by selling financial products called bonds, which have to be paid back, usually after several years, with interest. |
| This means taxpayers ultimately pay back more than the government raised. | This means taxpayers ultimately pay back more than the government raised. |
| Where does the government borrow billions from? | Where does the government borrow billions from? |
| What additional help will I get to pay my energy bills? | What additional help will I get to pay my energy bills? |
| All households will be given a one-off £400 discount on their fuel bills from October. | All households will be given a one-off £400 discount on their fuel bills from October. |
| In addition, £650 will be paid to more than eight million low-income households who receive many benefits or tax credits. | In addition, £650 will be paid to more than eight million low-income households who receive many benefits or tax credits. |
| Further payments of £300 to pensioner households and £150 to disabled people will also go ahead. | Further payments of £300 to pensioner households and £150 to disabled people will also go ahead. |
| Vulnerable families can also claim help through the Household Support Fund, the Warm Home Discount scheme, and hardship funds run by energy companies. | Vulnerable families can also claim help through the Household Support Fund, the Warm Home Discount scheme, and hardship funds run by energy companies. |
| What cost-of-living payments will I get? | What cost-of-living payments will I get? |
| What can I do if I can't pay my energy bill? | What can I do if I can't pay my energy bill? |
| Ofgem: Getting help if you can't afford your energy bills | Ofgem: Getting help if you can't afford your energy bills |
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