Overview

• The new price cap reduces average annual energy bills to £1,568, saving typical households £122 compared to the previous cap.
• The cap is a temporary measure, with analysts predicting a potential rise of up to £600 in annual bills by October.
• Wholesale gas prices and competition for LNG, particularly from China, are driving factors behind the expected increase.
• Experts and consumer groups suggest considering fixed-rate deals as an alternative to the price cap.
• The ongoing energy crisis has cost UK households significantly, with further economic impacts anticipated.