The energy price cap set by Ofgem is the maximum amount energy suppliers can charge you for each unit of energy and standing charge if you're on a standard variable tariff.
It limits what you pay for each unit of gas and electricity that you use, plus it sets a maximum daily standing charge (what you pay to have your home connected to the grid). Though remember, it's the rates that are capped, so use more and you pay more.
The Price Cap changes every three months, in January, April, July and October. This current period runs from 1st October 2024 until 31st December 2024.
Between 1 October to 31 December 2024 the energy price cap is set at £1,717 per year for a typical household who use electricity and gas and pay by Direct Debit. This is an increase of 10% compared to the cap set between 1 July to 30 September 2024 (£1,568).
For more information follow: https://www.ofgem.gov.uk/energy-price-cap
