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Energy Price Cap
The current energy price cap puts the average household energy bill at £1,690 a year. This cap is in place until 1 October 2024.
The next price cap change will take place on 1 October 2024. From this date, the average household energy bill will be £1,717 a year.
It’s important to remember that this figure is just an average. Your exact costs will depend on how much energy you use. That’s why it helps to save as much gas and electricity as possible. Our Saving energy in the home section can get you started.
What is the energy price cap?
The price cap limits the cost of a unit of gas or electricity. It also limits the daily standing charge. Energy suppliers can’t charge you more than these limits.
Ofgem, the industry regulator, sets the price cap. They review it every three months.
What are the standing charges and unit rates?
From 30 June 2024 – 31 September 2024 the average prices are:
| Unit rate (per kWh) | Standing charge | |
|---|---|---|
| Gas | 5.48p | 31.41p |
| Electricity | 22.36p | 60.12p |
However, the actual standing charges and unit rates depend on:
- Where you live in the UK
- How you pay for your energy
- What type of meter you have
What will the average energy prices be from October 2024?
From 1 October 2024, the average prices will be:
| Unit rate (per kWh) | Standing charge | |
|---|---|---|
| Gas | 6.24p | 31.66p |
| Electricity | 24.50p | 60.99p |
Does the energy price cap apply to me?
The price cap applies to you if you’re on a variable tariff. These are also called ‘default’ or ‘standard’ tariffs. Your energy bill or online account should show you if you’re on this type of tariff.
If you’re on a fixed tariff, then the price cap doesn’t apply to you. You’ll pay the unit rate and standing charge that you signed up to. This might be less than the rates set by the cap, or it might be more.