Energy price cap for July to September confirmed

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  • #278305
    joss
    Moderator

      Energy regulator Ofgem has today (Friday 24 May, 2024) confirmed the energy price cap for the third quarter of 2024.

      The price cap, which sets a maximum rate per unit that can be charged to customers for their energy use, will fall by 7% from 1 July to 30 September 2024, compared to the previous quarter. For an average household paying by direct debit for dual fuel this equates to £1,568, a drop of £122 over the course of a year.

      The average household paying by prepayment meter for dual fuel will pay £1,522 over the course of a year. The average household paying for dual fuel by standard credit will pay £1,668 over the course of a year.

      The price cap set by Ofgem assumes a standing charge of £334 for a dual fuel customer (£369 for those who pay by standard credit). This is unchanged from the last price cap period.

      Suppliers may offer a lower standing charge for their default tariffs under the price cap but to raise the unit rate above that assumed in Ofgem’s price cap, they need to demonstrate that the overall amount charged to consumers is at or below the total price cap.

      Suppliers are free to offer fixed tariffs with a different balance of standing charges and unit rates and many do so.

      From Ofgem

      Joss
      Current car: Peugeot 308 GT Premium 1.2 Pure tech Petrol.

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    • #278313
      kezo
      Participant

        Thanks @joss saves me searching 🙂

        #278334
        joss
        Moderator

          No problem @kezo

          • This reply was modified 1 month, 3 weeks ago by joss.

          Joss
          Current car: Peugeot 308 GT Premium 1.2 Pure tech Petrol.

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