The government has announced new measures to help businesses deal with rising energy costs.
Energy bills for businesses, charities and the public sector will be capped.
It comes after former Prime Minister Liz Truss announced a household energy price guarantee that would ensure no household pays more than £2,500 in energy bills. But new Prime Minister Rishi Sunak has announced plans to raise the energy price cap to $4,279 from January 2023.
The proposals come in response to the devastating cost of living crisis that has sent electricity bills skyrocketing as UK regulator Ofgem continues to announce increases in energy price caps.
Here is a timeline of Ofgem’s energy price cap announcements over the past two years:
In February 2019 Ofgem announced the cap would increase by £117 to £1,254 from April.
It said the prepayment meter cap would increase by £106.
The regulator announced a reduction in the standard fare cap and prepayment meter.
The standard fare has been reduced by £75 to £1,179, while the prepaid meter has been reduced by £25 to £1,217.
Another 1 percent drop was seen this month for both meter and tariff caps, down 1 percent.
The standard tariff dropped to £1,162 while the prepaid meter dropped to £1,200.
Ofgem introduced new lower levels of typical electricity consumption to calculate the figures for the annual billing equivalents of the price cap.
The regulator announced that the standard fare cap will be reduced by seven per cent from 1 October 2020 to 31 March 2021, from £1,126 to £1,042.
As of October 1, the standard tariff cap also included a new cap for prepaid meter customers.
After months of price cuts, Ofgem announced that both price caps will be raised from April 2021.
The price cap for standard plans rose by £96 to £1,138, while prepaid counters rose by £86 to £1,156.