Energy price cap

Ofgem have announced that the new price cap will be £1,669 for a typical household¹ from 1 October till 31 December 2024. This is a increase of £147.

All about the price cap: the cap is set by Ofgem, the energy regulator. It affects the way energy suppliers can price their energy tariffs. The cap puts a limit on how much customers on variable tariffs pay for each unit of gas and electricity. It also sets a maximum standing charge – this is used to cover the cost of things like maintenance of pipes and meters.

All Pay As You Go prices are variable – which means your unit rate and/or standing charge will go up in line with the price cap.

• If you have a smart meter your prices will update automatically on 1 October
• If you have a traditional meter your prices will update when you top up from 1 October
• We’ll write to let you know how this affects you if your prices are going up.
  
  

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

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.

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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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. - we can help

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¹Figures are for how much energy customers on Pay As You Go typically use (11,500 kWh for gas and 2,700 kWh). This will vary based on actual household usage.