The latest quarterly review of the Ofgem Energy Price Cap was announced on Friday 25th August. Ofgem has now set the October to December 23 price for energy for a typical household, paying by direct debit, to £1,923 per year. A slight reduction from the last quarter’s price cap.
For customers without a pre-payment meter the Energy Price Cap is currently lower than the government’s Energy Price Guarantee. However, this remains in place as a safety net until the end of March 2024 should energy prices increase above £3,000 per year.
For those with a pre-payment meter the government’s Energy Price Guarantee is still in place, removing the PPM premium. For the next quarter, this discount will be delivered by a reduction of the standing charged and should help a typical PPM customer save around £40/year.
The next price cap review is due at the end of December.
