Understanding Gas Prices in the UK: A Breakdown of Costs
Average Gas Consumption and Price
The average UK household consumes approximately 12,000 kWh of gas annually. As of the current Ofgem Price Cap, the average cost per kWh stands at 604p. However, it's important to note that the price cap limit is currently set at 7p per kWh.
Regional Breakdown of Gas Costs
Gas prices vary across different regions in the UK. Here's a breakdown of the Standing Charges and Unit Rates based on Ofgem's Price Cap:
- North of Scotland: Standing Charge: 36p per day, Unit Rate: 6.386p per kWh
- Rest of Scotland: Standing Charge: 28p per day, Unit Rate: 6.04p per kWh
- Northern: Standing Charge: 27p per day, Unit Rate: 5.99p per kWh
- North West: Standing Charge: 27p per day, Unit Rate: 5.86p per kWh
- Yorkshire: Standing Charge: 27p per day, Unit Rate: 6.03p per kWh
- East Midlands: Standing Charge: 27p per day, Unit Rate: 5.99p per kWh
- West Midlands: Standing Charge: 27p per day, Unit Rate: 5.96p per kWh
- London and South East: Standing Charge: 27p per day, Unit Rate: 6.03p per kWh
- South West: Standing Charge: 27p per day, Unit Rate: 5.96p per kWh
- Wales: Standing Charge: 28p per day, Unit Rate: 6.04p per kWh
Impact of the Energy Price Cap
The Energy Price Cap, introduced by Ofgem, sets maximum prices that energy suppliers can charge customers. This cap helps protect consumers from excessive gas and electricity prices. However, it's important to note that the cap can change periodically, resulting in fluctuations in gas prices.
Recent Changes in Electricity Prices
As of April 1, 2023, the Energy Price Cap has decreased by 12%, leading to an average reduction in electricity bills. However, electricity prices have increased by 14.8% since yesterday's price of 17.0205p.
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