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#AceBreakingNews – The energy price cap is a limit on the price people pay for their energy. The price cap has been replaced by the Energy Price Guarantee as the cap on consumer energy bills until April 2024.
The energy price cap sets a maximum price that energy suppliers can charge consumers for each kilowatt hour (kWh) of energy they use. How much you pay depends on how much energy you use.
The cap is a government protection, calculated by Ofgem. At Ofgem we regulate energy suppliers, but we do not regulate the oil and gas production sector. The cap ensures that the profit energy suppliers make is capped.
The energy price guarantee is a temporary additional measure to protect consumers from the recent significant increases in wholesale gas prices. The guarantee was put in place on 1 October 2022 and will last until April 2024. It means that consumers will pay less for their energy than they would under the price cap.
Why is there a price cap?
Customers who don’t shop around and get stuck on their supplier’s basic default energy tariff are disadvantaged in the energy market.
The price cap is applied to customers on a default energy tariff, whether you pay by direct debit, standard credit, prepayment meter, or have an Economy 7 (E7) meter. The cap ensures that prices for customers on default energy tariffs are fair and cost-reflective.
For further information on the Energy Price Guarantee, please visit Energy bills support factsheet – GOV.UK (www.gov.uk).
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