MILLIONS of households are set to save roughly £1,000 on their yearly energy bills after the new price cap was announced.
Ofgem, the energy regulator, set the new price cap for January 1 to March 31, 2023 to £4,279.
But households are protected by the energy price guarantee (EPG) put in place by government in October this year.
Households won’t have to do anything as the EPG limits the average yearly bill to £2,500 up until March 31 next year.
The government will extend the energy price guarantee from next April but average yearly bills will increase to £3,000.
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