The Energy Price Guarantee will remain in place as a safety net until the end of March 2024 should energy prices increase above £3,000 per year. Due to recent falls in the wholesale price of energy, consumers currently pay the rates set by Ofgem’s price cap, with a typical household paying the equivalent of £2,074 per year between July and September. This figure will drop further to £1,923 per year between October and December. Pre-payment meter customers also receive a discount through the Energy Price Guarantee to bring PPM costs into line with equivalent direct debit costs.