Keeping UK energy bills down over winter cost almost 40bn, Treasury says

Logo The GuardianThe Guardian
2023-06-08 16:26:33  • 3 mins

The UKs cost of keeping energy bills down for homes and businesses over the winter months added up to almost 40bn, the first official government total shows.

The Treasury pegged the final cost of keeping a lid on the UKs energy bills at 39.3bn between October 2022 and March 2023 after Russias invasion of Ukraine propelled energy market prices to record levels.

The unprecedented jump in wholesale energy costs forced the government to make its biggest ever intervention on energy bills at a cost to the exchequer of about 2,500 every second since October, it said.

Pressure grows on UK energy suppliers to cut market-peak tariffs for small firms

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Home energy bills had been on course to more than triple in the space of a year to reach an annual average of 4,300 in the first quarter. In response, the government spent 21bn to cap the average dual fuel bill at 2,500 through its energy price guarantee. It spent a further 12bn to give every household a 400 rebate in order to reduce costs further.

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