The quarterly energy Price Cap will change from 1 July 2024. The new #PriceCap is £1,568 The level is based on the typical use of an average household on a supplier’s standard default dual fuel tariff. The price cap reflects the cost of supplying energy to our homes and sets a maximum amount suppliers can charge per unit of energy bought on the global wholesale market. It's a cap on the energy unit price suppliers can charge, not a cap on our total bills. If you use more, you will pay more. More on how this might affect you ⬇️
The communication here could really be improved. Why not state the price cap as a price per kWh? The £1568 is an arbitrary number which applies to almost nobody. Ofgem is helping the suppliers to keep bills a mystery instead of educating consumers to allow them to make informed choices.
John Kirby
2mo
How on earth can @ofgem publish this rubbish £122 per year, it is a lie, you KNOW this price cap is for three months only - and all the forecasts agree it will go up in October '24 and January '25
Martin Allan
2mo
With profs up across the energy industry , why has the cap not reduced to below pre Ukraine war levels?
Retired and touring the world 🌎
2moOf course the rate Kw/h will remain high or go even higher this is to suppress demand but maintain profits to the foreign owned National Grid and DNOs. The UK electricity supply industry cannot meet the winter baseload demand without at least 20% provided by Europe, this will get worse with more EVs and Electric heating. The UK currently has around 9000 deaths annually due to cold home related issues, this is rising every year and is directly linked to the rate Kw/h. It's easy to fix, the tariff paid by the most vulnerable in society has their winter quarter Kw/h rate reduced by 70%. Unlike Ofwat do your job Ofgen look after your UK customers