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The regulator is also proposing new standards for suppliers to make it easier for customers who are struggling to pay their bills to get support.
It comes after the price cap – which sets a maximum rate per unit and standing charge for energy use – is set to rise by £21 for an average household per year or around £1.75 a month.
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Dual fuel users would pay no more than £177 a year for the standing charge, electricity-only users would pay no more than £83, and gas users £94. [52] The first change in the level of the price cap was announced in February 2019, with the cap rising by £117 for typical direct debit dual fuel bills from 1 April 2019. [53]
MSP kWh is the amount of electricity consumed at the 'meter supply point', which is the customer's meter. GSP kWh is obtained by multiplying the MSP kWh by the Line Loss Factor (LLF, a figure > 1) to include the amount of electricity lost when it is conducted through the distribution network, from the 'grid supply point' to the customer's meter.
Typically this holds true when electricity rather than gas is used for domestic heating and hot water, or, in some cases, if the supply is used to charge an electric vehicle overnight. An Economy 7 tariff can end up costing significantly more than a standard tariff without restructuring current energy usage. [10]
Centrica (ISE: CNA.L) , the FTSE 100 (UKX) company that owns British Gas, remains on target to pay shareholders a 5% dividend income after raising its gas and electricity bills by £80 a year.
It is the trading name of British Gas Services Limited and British Gas New Heating Limited, both subsidiaries of Centrica. [5] Serving around ten million homes in the United Kingdom, British Gas was the largest electricity supplier in the country until 2024 when it was overtaken by Octopus Energy. [6] It remains the largest gas supplier.