Last week, Britain’s independent energy regulator, Ofgem announced an expected surge in the energy price cap of 54 per cent from April 1.
This may see the average bill increase to as much as £1,915, affecting nearly 22 million households across the UK.
The surge has left many Sheffield residents worried about rising costs amidst recovering from the pandemic.
Rishi Sunak is set to announce a £9 billion rebate package in the aim of easing the cost of the energy prices on people.
£5.5 billion in loans will fund £200 energy rebates for all and £3.5 billion council tax rebate for people in bands A-D with an average of £150.
Jonathan Brearley, Chief executive of Ofgem said : “We know this rise will be extremely worrying for many people, especially those who are struggling to make ends meet, and Ofgem will ensure energy companies support their customers in any way they can.”
The price cap increase is calculated by Ofgem based on the costs faced by suppliers, including buying energy from the wholesale market and levies for maintaining energy network infrastructure and renewable energy projects.
Check out this page for tips on how to save energy this winter