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How the proposed energy price cap changes could affect your bills

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Under new proposals from Ofgem, energy price rises could be about to become smaller but more frequent.

The energy regulator said that it might insert two new reviews a year, one in January and another in July,

With this in mind, here is a look at what impact the changes could have on customers and what those who are worried about bills can do in the meantime.

The price cap on household energy bills could be reviewed every three months under new plans mooted by Ofgem on Monday (May 16).

Ofgem, which is consulting on the issue, said a more frequent price cap would reflect the most up-to-date and accurate energy prices – meaning when prices eventually fall from current record highs, customers would see the benefit sooner.

Myron Jobson, senior personal finance analyst, interactive investor, said smaller but more frequent price changes may be more easier to deal with than less frequent but sharp price hikes.

The energy price cap is currently at a record........

© Norwich Evening News

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