Our response to the July 2024 energy price cap changes

Ofgem has confirmed that the energy price cap from 1 July to 30 September 2024. Average energy bills in Great Britian will be £1,568 a year for a typical dual-fuel household paying by direct debit. This is a reduction of £122 (7%) a year compared to the previous energy price cap. 

Gas and electricity rates for England, Wales and Scotland from 1 July to 30 September 2024 

  Electricity 

• Unit rate: 22.36p per kWh 
• Standing charge: 60.12p per day 

Gas 

• Unit rate: 5.48p per kWh 
• Standing charge: 31.41p per day 

The energy price cap sets the maximum amount suppliers can charge for each unit of gas and electricity. So, your energy bills could be higher or lower depending on how much energy you use.

If you live in Northern Ireland, you can see how your bills compare to the energy price cap at Utility Regulator.

Responding to Ofgem’s latest price cap announcement today, Mike Thornton, chief executive of Energy Saving Trust said:  

“Today’s confirmation that energy prices are coming down for the next quarter is very welcome. However, no one should take this lower price cap as a sign of stability. Forecasts show that energy prices are set to rise again this autumn and will be staying high overall for the next decade. 

“After the election the incoming UK government must prioritise policies that support people to use less energy and install cost effective energy efficiency improvements in their homes. This will be fundamental to bringing down energy bills, reducing carbon emissions and guaranteeing our energy security for the long term.  

“A coordinated, long term retrofit plan for England which incentivises measures from improved insulation to electrified heat must be central to any incoming UK government’s ambition. Now is the time to commit to making our homes ready for a net zero future and ending our dependence on volatile international fossil fuel markets for good.”