{"id":24938,"date":"2023-06-13T09:22:10","date_gmt":"2023-06-13T08:22:10","guid":{"rendered":"https:\/\/smh.group\/?p=24938"},"modified":"2023-06-13T11:21:22","modified_gmt":"2023-06-13T10:21:22","slug":"the-return-of-the-ofgem-price-cap-is-announced","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/the-return-of-the-ofgem-price-cap-is-announced\/","title":{"rendered":"The return of the Ofgem price cap is announced"},"content":{"rendered":"<p><strong>From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from \u00a33,280 to \u00a32,074. Prices are currently capped at \u00a32,500, but this further reduction will help home-based employees and any small business owners who work out of residential accommodation.<\/strong><\/p>\n<p>In October last year, the government introduced a temporary energy price guarantee that has limited the annual gas and electricity costs for a typical household. This cap was set to increase from \u00a32,500 to \u00a33,000 this July, however, the lower energy price cap of \u00a32,074 will now apply instead.<\/p>\n<h2><strong>Impact of the cap<\/strong><\/h2>\n<p>The energy price cap is set quarterly, so the limit of \u00a32,074 will apply from 1 July to 30 September 2023.<\/p>\n<ul>\n<li>Customers on standard variable tariffs with typical consumption will see their bills fall in line with the cut in prices.<\/li>\n<li>However, annual bills are not capped as such. Households with higher energy use will pay more than the cap, with lower energy users paying less.<\/li>\n<\/ul>\n<p>The \u00a33,000 energy price guarantee will remain in place as a safety net until 31 March 2024 just in case energy prices increase above this level.<\/p>\n<p>Even with the price reduction from 1 July, energy prices will still be almost double what they were before costs started to soar.<\/p>\n<h2><strong>Fixed energy deals<\/strong><\/h2>\n<p>There are virtually no fixed energy deals currently available, although they might return now that prices have started to fall.<\/p>\n<p>The energy price cap is forecast to remain around \u00a32,000 until March 2024, so any fixed rate deal must be compared to this rate. A fixed rate deal will provide certainty, but the downside is being locked in for a fixed term should prices fall. An exit fee \u2013 which can be quite substantial \u00ad\u2013 is normally charged to end a fixed deal early.<\/p>\n<p>A government briefing of the energy price guarantee and how it operates alongside the energy price cap can be found <a href=\"https:\/\/commonslibrary.parliament.uk\/research-briefings\/cbp-9714\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>here<\/strong><\/span><\/a>.<\/p>\n<p>Alternatively, our <a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\"><span style=\"text-decoration: underline;\"><strong>Yorkshire and Derbyshire based Accounting &#038; Business Advisory<\/strong><\/span><\/a> can assist on <strong>0114 266 4432<\/strong> or <a href=\"mailto:info@smh.group\"><span style=\"text-decoration: underline;\"><strong>info@smh.group<\/strong><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from \u00a33,280 to \u00a32,074. Prices are currently capped at \u00a32,500, but this further reduction will help home-based employees and any small business owners who work out of residential accommodation.<\/p>\n","protected":false},"author":4,"featured_media":23298,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,16],"tags":[83,77,578,19],"class_list":["post-24938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-financial-services","tag-chartered-accountants","tag-financial-planning","tag-ofgem","tag-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The return of the Ofgem price cap is announced - SMH Group<\/title>\n<meta name=\"description\" content=\"From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from \u00a33,280 to \u00a32,074. Prices are currently capped at \u00a32,500, but this further reduction will help home-based employees and any small business owners who work out of residential accommodation.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The return of the Ofgem price cap is announced - SMH Group\" \/>\n<meta property=\"og:description\" content=\"From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from \u00a33,280 to \u00a32,074. 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