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Chinese lithium-ion electric batteries now cost per kWh about a seventh of what they cost a decade ago.

The Ofgem cap is based on a "typical household" using 11,500 kWh of gas and 2,700 kWh of electricity a year with a single bill for gas and electricity, settled by direct debit.

The Ofgem cap is based on a "typical household" using 11,500 kWh of gas and 2,700 kWh of electricity a year with a single bill for gas and electricity, which they settle by direct debit.

The Ofgem cap is based on a "typical household" using 11,500 kWh of gas and 2,700 kWh of electricity a year with a single contract for gas and electricity, which they settle by direct debit.

While this is just under 1% of overall electricity demand, it would provide electricity for around one million homes, based on the current Ofgem estimate of average electricity usage per household of 2,700 kWh.