The price cap was introduced in January 2019 to prevent people on variable tariffs being ripped off. Initially it was changed a couple of times a year but since 2022 it has been updated every three months. Ofgem, the energy regulator that sets the price cap, said the time had come to lo...
Ofgem is looking to introduce a new energy price cap based on the time of day households use energy. The energy regulator has launched a consultation on a range of options for the future of the price cap, including a “more dynamic cap” with “time-of-use-dependent unit rates to encou...
Ofgem price cap to £2,074 Craig Lowrey, principal consultant at analysts Cornwall Insight, said: "Despite recent reductions in the price cap, households are still facing bills that are well above historic levels. This has raised questions about the cap's purpose, its efficacy in safeguarding ...
The price cap is set by Ofgem, the regulator for the energy industry. The way the cap level is calculated is based on a range of factors, such as the wholesale cost of energy, network costs, policy costs, operating costs and prepayment meter costs. ...
LONDON, May 24 (Xinhua) -- The energy price cap in Britain is expected to rise to around 2,800 pounds (about 3,510.67 U.S. dollars) per year in October, the chief executive of the Office of Gas and Electricity Markets (Ofgem) warned on Tuesday. ...
Energy price cap From 1st January to 31st March 2025, the Ofgem energy price cap will be set at £1,738 for a typical household per year. This is an increase of 1.2% compared to the cap set between 1st October to 31st December 2024 (£1,717). The energy price cap is the ...
Ofgem has announced a drop to its energy price cap from the current £3,280 per year to £2,074 for the average household in England, Wales and Scotland.The change, which will take effect from July 1, is due to falling wholesale energy prices. ...
No, Ofgem does not control the price of gas and electricity beyond setting the energy price cap level. The price of energy is set by the gas & electricity suppliers. The energy suppliers say the price of energy is mostly influenced by supply and demand, which affects the cost of buying ga...
As of 1 October 2024, the energy price cap is £1,717 a year for a “typical household”. This will stay in place until 31 December. But Ofgem has just announced that the price cap will be increasing slightly in the new year: a rise of 1.2% to £1,738 per year. This slightly...
Ofgem has announced that the energy price cap from 1 January to 31 March 2025 will be £1,738 per year, a rise of £21 per year from the current cap. The change to the price cap – which sets a maximum rate per unit and standing charge that can be billed to customers for their...