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Between 1 April and 30 June 2024, the energy price cap is set at £1,690 per year for a typical household that uses electricity and gas and pays by Direct Debit.

Based on typical household energy use, this is £238 lower than the cap set between 1 January to 31 March 2024 (£1,928).

The price cap is in place to make sure that the prices people pay for a standard variable tariff (default tariff) are fair and reflect the cost of energy.

You are covered by the price cap if you pay via:

  • standard credit (payment made when you get your electricity and gas bill)
  • Direct Debit
  • prepayment meter
  • Economy 7 (E7) meter

What is the energy price cap?

The energy price cap 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.

Energy price cap level dates

Ofgem reviews and updates the price cap level every three months. The levels for the next periods will be announced by:

  • 24 May 2024 – period 1 July to 30 September 2024
  • 27 August 2024 – period 1 October to 31 December 2024
  • 25 November 2024 – period 1 January to 31 March 2025

Should I Fix My Energy Tariff?

With all the uncertainty about energy prices, you might be wondering if you should switch to a fixed-rate tariff. There’s no right or wrong answer to this, it depends on your situation and your preference. But here are a few things to consider when deciding:

Cap Trends – Keep an eye on how the cap changes. If it keeps going down, staying on a variable tariff might be better.

Deals available – Look at different energy deals regularly to make sure you’re getting the best rate.

Stability – Fixed-rate tariffs give you stability, knowing your rates won’t go up during your contract.

Leaving fees – Be aware of fees if you want to switch before your contract ends. Also, if the energy price cap drops a lot, you might end up paying more than you need to.

What should I do if I’m struggling to pay my energy bills?

If you’re struggling to pay your bills, you should speak to your supplier as soon as possible. The earlier you make them aware of the situation, the more they will be able to do to support you.

It’s also worth checking if there are any cheaper deals available.

If you’re struggling with debt and feel like you need support, call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.