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Energy Prices Act 2022 and Expenditure on Energy Schemes – Q2 and Q3 2023
22 April 2024
Type
Written Ministerial Statement
Department
Department for Energy Security and Net Zero
At a Glance
Issue Summary
The statement discusses the expenditure on energy schemes under the Energy Prices Act 2022 for Q2 and Q3 2023.
Action Requested
The Government has spent over £43 billion between October 2022 and September 2023 to subsidise household bills, with forecasts indicating continued support in FY23-24. The statement also outlines the costs of various schemes such as the Energy Bills Support Scheme and Energy Price Guarantee.
Key Facts
- Over £43 billion was spent between October 2022 and September 2023 to subsidise household bills, the most ever provided in UK history.
- The government's windfall tax on producers is expected to raise over £26 billion by March 2029.
- Government support schemes covered nearly half of household energy bills between October 2022 and June 2023, saving households an average of £1,500.
- Cumulative expenditure incurred for the Energy Bills Support Scheme GB & NI to 30 September 2023 was £11,873m.
- Forecasts indicate FY23-24 expenditure will be £4.3bn for the Energy Price Guarantee and £0.6bn for Non-Domestic energy support.
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