Energy price cap

The way energy suppliers set prices is impacted by the price cap – set by Ofgem, the energy regulator. This limits the amount customers on variable rate plans will pay for each unit of gas and electricity and sets a maximum standing charge.

Ofgem have announced that the new price cap will be £1,690 for a typical household¹ from 1 April until 30 June 2024. This is a decrease of £238.

In most regions, the unit rate is going down in line with the new price cap. The standing charge is going up slightly in most regions, but the majority of customers will still pay less over a year.

All Pay As You Go prices are variable – so your unit rate and standing charge will change in line with the price cap. Government support through the Energy Price Guarantee (EPG) will end on 1 April.

We’ll write to you to let you know if this impacts you personally.

Useful to remember: if your home uses more energy, your costs can go up.

The price cap doesn’t put a limit on the total cost of your energy. Instead, it limits the amount you pay per unit of gas or unit of electricity – and for your daily standing charge. This means if your home uses more energy, costs can still rise.

It can be helpful to think of it like filling up a car with petrol. The price per litre stays the same, but the total cost changes – depending on how much you fill up.

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We’re here to support you.

OVO’s Customer Support Package offers specialist help to customers within the OVO family (which includes Boost) – including financial relief and guidance.

If you’re worried about your energy payment, please contact us.

Need extra support? We can offer free help if you’re ill, have a disability or have a medical condition.

¹Figures are for typical domestic consumption paid by Direct Debit (11,500 kWh for gas and 2,700 kWh). This will vary based on actual household usage.

²Figures are for typical domestic consumption for customers that Pay As You Go (11,500 kWh for gas and 2,700 kWh). This will vary based on actual household usage.