Forbes: UPDATE 1 OCTOBER: Energy Price Guarantee Effective From Today. The government Energy Price Guarantee has come into effect today, replacing the Ofgem energy price cap.
The guarantee limits the annual bill for a household with typical consumption levels to £2,500 a year for the next two years. However, it is not a cap on bill size – those who use more energy will pay more, those who use less will pay less.
Crucially, the quoted typical bill will be lowered to £2,100 for 2022/23 because every household will automatically receive a £400 reduction in their electricity bills, spread over six months from October to March 2023.
The Guarantee caps the amount energy companies can charge for units of gas and electricity, and for associated standing charges for each type of fuel.
Every household will receive £66/ month for 6 months?
Am I correct? Or am I mistaken?