Ahead of the Spring Budget announced expected later today, the Treasury has confirmed the decision to extend the energy bills support.
The EPG was introduced to provide stability for consumers amidst volatility in the energy market.
The guarantee ensures that customers are protected from sudden price hikes and allows them to better manage their energy bills.
The move will give families more time to adjust to the new reality of rising energy costs and help them plan their finances accordingly.
The decision to keep the EPG unchanged is likely to be welcomed by the energy industry, charities and consumers, who are facing mounting bills due to a variety of factors, including the pandemic and geopolitical tensions.
Prime Minister Rishi Sunak said: “We know people are worried about their bills rising in April, so, to give people some peace of mind, we’re keeping the EPG at its current level until the summer when gas prices are expected to fall.
We are extending energy bills support for further 3 months.
With energy bills set to fall from July, extending the Energy Price Guarantee will bridge the gap, easing the pressure on families.
Made possible in part by windfall taxes on energy profits 👇 pic.twitter.com/5J1ihyjzRl
— Jeremy Hunt (@Jeremy_Hunt) March 15, 2023