The energy price cap is changing on Tuesday 1 October 2024

What is the energy price cap? 

The energy price cap is set by Ofgem, who regulate energy suppliers. Ofgem sets a limit on the cost of each unit of gas and electricity that you use. It also sets a maximum daily standing charge amount – this is what you pay to have your home connected to the grid.  

It’s reviewed every three months, so it may change again in the new year.  

What does it mean for you?  

On Tuesday 1 October, the cap will rise by 10%, meaning the average home will pay £1,717 a year for their energy bills. 

How does the cap work?  

The cap limits the maximum amount energy suppliers can charge you for each unit of energy you use. Importantly, the cap does not limit your total bill, which depends on how much energy you use. 

If you use more energy, you'll pay more. If you use less, you'll pay less. How much you pay will depend on where you live, your meter type and how much energy you use in home. 

You can read a detailed explanation of how this works on Ofgem’s website. 

If you’re struggling, we can help 

Get in touch for your free energy advice session with Pocket Power. They’ll go through your bills with you in detail, find the best solutions and providers to save you money, and can even switch providers on your behalf. 

They’ve saved residents like you over £200 on their energy bills every year. 

Are you eligible for pension credit? 

The government’s Winter Fuel Payment provides pensioners on Pension Credit, or on certain other benefits, with up to £300 to help pay energy bills in the winter. 

Check if you’re eligible for Pension Credit