What is the new energy price cap?

The new cap is 6% (£117) cheaper compared to the same period last year (£1,834). You are covered by the energy price cap if you pay for your electricity and gas by either: The actual amount you pay will depend on how much energy your household uses, where you live and the type of meter you have.

What is the energy price cap in 2024?

Between 1 July to 30 September 2024 the energy price cap is set at £1,568 per year for a typical household who use electricity and gas and pay by Direct Debit. This is £122 lower than the cap set between 1 April to 30 June 2024 (£1,690). The price cap is based on typical household energy use.

What is a capped energy price?

It fixes the maximum price that can be charged for each unit of energy on a standard - or default - tariff for a typical dual-fuel household which pays by direct debit. Between 1 October and 31 December, gas prices will be capped at 6.24p per kilowatt hour (kWh), and electricity at 24.50p per kWh.

How are energy prices regulated in Northern Ireland?

The energy market is regulated differently in Northern Ireland, and is not governed by the same price cap. The latest change in prices means: Gas prices are capped at an average of 6.34p per kilowatt hour (kWh), and electricity at 24.86p per kWh - up from 6.24p and 24.5p respectively.

What's going on with energy bills in January?

Energy regulator Ofgem is urging billpayers to shop around as it announced another price rise in January - the second of the winter. Someone paying by direct debit and using a typical amount of gas and electricity will pay £1,738, or £21 a year more, with bills now over 50% higher than pre-Covid levels.

Will the government invest in long duration electricity storage by 2024?

The government will put in place an appropriate policy framework by 2024 to enable investment in large scale long duration electricity storage (LLES), with the goal of deploying sufficient storage capacity to balance the overall system.