Energy Price Cap RISE

The energy regulator Ofgem has announced an increase of 4% to the Energy Price Cap which comes into effect on 1 October.

• The price cap puts a limit on the maximum rates and standing charges energy suppliers are allowed to charge. Based on assumed average usage of a typical household, the cap is set to rise from £1,663 per year to £1,723, an increase of £60 per year
• Whether you will be impacted by this increase depends on your energy tariff. You can find out which tariff you are on by checking a recent energy bill or contacting your supplier directly. Customers on fixed tariffs will not be affected by the increase but those on price capped tariffs, often called ‘standard variable’ or ‘flexible’ tariffs, will be affected
• If you are on a price capped tariff it might be worth having a look at fixed-rate tariffs, as you may be able to find a better deal. Fixed prices mean consistency with your bills as the cost of your energy will stay the same across the fixed period, protecting you from unexpected increases.

We understand these changes can be complex to navigate and our Energy Advisor Alex can help. You can make an appointment with Alex by calling 0203 393 7011 or emailing energyadvice@raid.charity.