UK energy price cap will increase to an annual level of £4,279 in 2023
Energy regulator Ofgem has today (Thursday 24 November 2022) announced its quarterly update to the energy price cap for the period 1 January – 31 March 2023.
The price cap is set to rise to an annual level of £4,279 in January 2023, but bill-payers remain protected under the government’s Energy Price Guarantee (EPG).
The energy price cap level indicates how much consumers on their energy supplier’s basic tariff would pay if the EPG were not in place.
The price cap has been in place since January 2019, and it is a legislative requirement for Ofgem to regularly review the level at which it is set. It ensures an energy supplier can recoup its efficient costs, whilst making sure customers do not pay a higher amount for their energy than they should. The price cap, as set out in law, does this by setting a maximum suppliers can charge per unit of energy.
For the first three months of 2023, the energy price cap will increase to an annual level of £4,279 for an average dual fuel household paying by direct debit based on typical consumption, but bill-payers will still be protected by the Government’s Energy Price Guarantee until the end of March 2024, as confirmed by the Chancellor on Thursday 17 November.
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