Energy bills: How the new £2,500 price guarantee works – will you save £1,000? | Personal Finance | Finance

However, Uswitch warned that while the price of wholesale gas may fall, prices for customers will remain frozen at £2,500 and it “remains to be seen” as to whether customers’ prices are brought down as well. 

The price comparison site also noted that the “main risk” associated with the freeze is the way that it will be paid as “at the moment, we don’t know whether the costs will eventually be paid by customers, even if takes years”. 

Details of this have yet to be released however are expected to be announced in Mr Kwarteng’s budget this week. 

The Prime Minister has also confirmed that the Energy Price Guarantee will run alongside the previously announced £400 energy bill discount.