It’s been expected for many months, and OFGEM has now confirmed that the Price Cap will rise by around 10% for the period of October-December 2024, taking the average annual fuel bill to £1,717 based on these rates.
While this news is unwelcome, it’s worth remembering that the equivalent Price Cap rate for the same time last year was the equivalent of £1,834 per year, so this coming winter should hopefully be more affordable for many households.
Jonathan Brearley, CEO of Ofgem, said:
“We know that this rise in the price cap is going to be extremely difficult for many households. Anyone who is struggling to pay their bill should make sure they have access to all the benefits they are entitled to, particularly pension credit, and contact their energy company for further help and support.
“We are working with Government, suppliers, charities and consumer groups to do everything we can to support customers, including longer term standing charge reform, and steps to tackle debt and affordability.
“Ultimately the price rise we are announcing today is driven by our reliance on a volatile global gas market that is too easily influenced by unforeseen international events and the actions of aggressive states. Building a homegrown renewable energy system is the key to lowering bills and creating a sustainable and secure market that works for customers.”
The Price Cap determines how much we pay for our gas and electricity, per “kilowatt hour” and therefore the more kilowatt hours we use, the more we pay. It’s therefore important that we don’t waste any energy unnecessarily (e.g. overfilling kettles, leaving lights on in an empty room), and that we use all heating controls at our disposal, to ensure we’re not overheating our homes/overheating rooms that aren’t being used/heating our homes while they’re empty, or while everybody’s asleep.
To talk to a qualified, expert Energy Advisor about ways to reduce energy waste around the home, and to learn if you qualify for any grants for support with installing such energy efficient appliances and products as LED light bulbs, radiator reflectors, insulation, and even solar panels, call our Save Energy Advice Line free on 0800 043 0151. Lines are open 9am-5pm, Monday-Friday, except for bank holidays, and the days between Christmas and New year.