Our response to the October 2024 energy price cap announcement

Ofgem has today confirmed that from 1 October to 31 December 2024, the energy price cap will increase by 10%.

This means annual energy bills for a typical dual-fuel household in Great Britain paying by direct debit will be around £1,717. This is an increase of £149 from the current price cap level.

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 the Utility Regulator.

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

“Today’s confirmation brings into even greater focus the urgent need for the UK Government to address persistently high energy prices. People will only see the benefits of its ambitious clean power target and eagerly anticipated Warm Homes Plan if there is also rapid action to bring down overall energy demand.  

“We need to see a clear roadmap to upgrade the UK’s 15 million energy inefficient homes. The roadmap needs to outline access to low cost finance and incentives for the supply chain to scale up to meet demand for home upgrades.

 “In England, a national advice service, offering expert, personalised support, must underpin this, to ensure people are empowered to improve their homes and reduce their energy bills. This must be a priority when the UK Government returns from recess next month.”