Age Cymru Response: Energy Price Cap Reduction

The energy regulator Ofgem has recently announced that the Energy Price Cap will fall by 7% from April which will result in a reduction of around £10 per month for a typical household energy bill.

Though we welcome this news, it comes as we start to emerge from a tough winter where older people across Wales have continued to see a challenging cost of living - with inflation still high.

We remain concerned for older people who are on a low and fixed income, many of whom will have struggled to make ends meet this winter. We are urging energy companies to support older people, especially as we are predicted to have a far milder spring, meaning people will need to heat their homes for longer than is typical for this time of year.

Victoria Lloyd, Chief Executive at Age Cymru said:

“While we of course welcome the news that energy prices will fall slightly, the difference does not compare to the dramatic price rise of four years ago, and energy costs are still roughly a third higher than they were before the war in Ukraine.  

“Older people should be able to look forward to their later years with comfort and peace of mind, not with anxiety about having to choose between heating or eating, feeling cold or going into debt. Today's news is a small step in the right direction, but we must see continued support by the Government and energy companies if we are to begin to address the deepening issue of fuel poverty in Wales.

“Our aim should not be about getting through one winter at a time as happens now, instead we must build a future in which no older person is left cold or struggling to afford the essentials. To achieve this requires fairer energy prices, properly insulated homes and a financial support system that tackles the scourge of fuel poverty for the long term."

If anyone would like advice or further information they can call Age Cymru Advice on 0300 303 44 98 Monday to Friday between 9am and 4pm, or email advice@agecymru.org.uk.