What is the price cap and how does it work?

The government’s price cap on standard rate energy bills comes into effect today Millions to see annual energy bills drop as price cap takes effectIt’s a cap on the price that individuals pay for energy if they are on a “standard variable” energy tariff or a tariff they haven’t chosen – known as a “default tariff”. These are the most basic packages offered by energy companies, and tend to apply if you haven’t shopped around for a better deal.