July Price Cap 2023

  • DebF_EONNext's Avatar
    Community Team
    Hey Community 👋

    📣 Regulator Ofgem has just announced that Great Britain’s energy price cap will fall from July, to £2,074 a year for a typical household.

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    * Figures are for typical domestic consumption paying by direct debit, and will vary based on actual household usage.

    📷 Ofgem Price Cap Chart : Ofgem

    For most, this will be a welcome decrease but others may still be finding the cost of living and energy crisis impacting their daily lives. How does this announcement affect you and what do you think the future holds for the energy market?

    What's the price cap?

    The price cap is the maximum price per unit an energy supplier can charge you for your energy. It also includes the maximum they can bill you for your standing charge too. The price cap figure is based on an average household usage, however, you may pay more or less depending on your own household's energy consumption.

    The government introduced the price cap in 2019 to protect consumers from paying too much for their energy. It's set by the energy regulator Ofgem & it's reviewed four times a year.

    How does this compare with the previous cap?

    At the moment our customers aren't impacted by the current price cap due to the Government's Energy Price Guarantee (EPG). This limits the typical household energy bill to £2500 per year, however, in July when the price cap goes below the EPG then bills will go back to the price cap unit rates.


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    Where can I find more information?

    Ofgem announced the new price cap levels on 25th May 2023 however we will be keeping this thread updated, as well as our Blog & Website if there are any further updates.

    Is there any other support available?

    There's lots of support available & we want to help you stay on top of your energy bills. If you find you're struggling please get in touch with one of our energy specialists who can support you. You can find our contact info 👉 here 👈

    You can find out more about the support we offer on our A helping hand - Extra support with the cost of living thread. There's also lots of other energy saving advice & helpful information on the E.ON Next blog.




    UPDATE:

    You can find the latest up price cap announcement (1 April 2024 - 30 June 2024) by following this link 👉 Ofgem energy price cap April 2024 - Everything you need to know!
    Last edited by DebF_EONNext; 23-02-24 at 11:19. Reason: Additional Visuals
    "Green is the prime colour of the world and that from which it's loveliness arises"-Pedro Calderon De La Barca 🌳

    Looking for the latest price cap information? Visit this thread Ofgem energy price cap 1 July 2024 - How will this affect my E.ON Next tariff?
  • 27 Replies

  • meldrewreborn's Avatar
    Level 91
    @DebF_EONNext

    So very close to the levels predicted by Cornwall Insight.
    Current Eon Next and EDF customer, ex Zog and Symbio. Don't think dual fuel saves money and don't like smart meters. Chronologically Gifted. If I offend let me know by private message, but I’ll continue to express my opinions nonetheless.
  • meldrewreborn's Avatar
    Level 91
    @DebF_EONNext
    @Beki_EONNext was up early this morning to edit your post to include the OFGEM information! Must be time for a pick me up coffee!
  • Mailman's Avatar
    Level 57
    I'm surprised that Ofgem have neglected to include a table of the regional rates that will apply in the documentation released so far today. It (£/kWh) can be worked out easily enough as Ofgem give the £ total for the average user but, as always, there are big regional variations (e.g. look at the London numbers).

    Ofgem July-September Cap

    The garden beckons rather than spreadsheet number-crunching. 😄
  • Beki's Avatar
    I was up super early and was three coffees down ☕
    I knew the Comrades would be looking at the information bright and early.
    @Mailman I asked about the table as I wanted to beat you to it this time 😉 but apparently the regional rates come out a few days after the announcement, so keep your eyes peeled 👀 (what a weird expression that is!)
  • meldrewreborn's Avatar
    Level 91
    @Beki_EONNext

    Does it come from Sir Robert Peel, founder of the Met Police? Peelers was a common term for police then.
  • Mailman's Avatar
    Level 57
    I was up super early and was three coffees down ☕
    I knew the Comrades would be looking at the information bright and early.
    @Mailman I asked about the table as I wanted to beat you to it this time 😉 but apparently the regional rates come out a few days after the announcement, so keep your eyes peeled 👀 (what a weird expression that is!)

    Never mind time to get into training for the annoucement in August 😁

    Regional rates now posted at MSE (somebody else has obviously converted the raw £ data into p/kWh tariff rates.
  • retrotecchie's Avatar
    Level 92
    The average rates are here for default tariff customers.

    Energy unit price for Price Cap from 1 July 2023
    Electricity £0.30 per KWh
    Daily standing charge: £0.53
    Gas £0.08 per KWh
    Daily standing charge £0.29

    Using the calculator and my consumption figures on the MSE website calculator, that gives me a decrease of only 8% a year. But I am only an electricity customer. The notional average of a drop from £2500 a year to £2072 a year, or 18% only really applies to duel-fuel customers.

    Fortunately, my overall energy bill saving is nearer 35% as the price of heating oil has nearly halved in the last six months. Now at around 4.5p/kWh and no standing charges👍
    Last edited by retrotecchie; 25-05-23 at 11:36.
    Don't shoot me, I'm only the piano player. I DON'T work for or on behalf of EON.Next, but am willing to try and help if I can. Not on mains gas, mobile network or mains drainage. House heated almost entirely by baby dragons.
  • meldrewreborn's Avatar
    Level 91
    @Mailman

    These are the likely rates for DD customers:

    Gas Electricity
    Rates in pence and VAT inclusive Rates in pence and VAT inclusive
    unit cost per kWh Standing charge per day unit cost per kWh Standing charge per day
    North West 7.51 29.11 29.94 51.42
    Northern 7.43 29.11 29.29 57.03
    Yorkshire 7.44 29.11 29.26 55.60
    Northern Scotland 7.46 29.11 29.97 58.98
    Southern 7.61 29.11 30.30 49.60
    Southern Scotland 7.46 29.11 29.67 61.67
    North Wales & Mersey 7.54 29.11 31.10 61.82
    London 7.51 29.11 31.19 38.18
    South East 7.54 29.11 30.90 47.21
    Eastern 7.40 29.11 30.72 43.66
    East Midlands 7.38 29.11 29.48 50.31
    Midlands 7.43 29.11 29.61 53.96
    South Western 7.71 29.11 29.95 58.28
    South Wales 7.76 29.11 30.22 53.83
  • retrotecchie's Avatar
    Level 92
    @meldrewreborn

    Of course these are the 'maximum' prices that can be charged. Nothing to stop individual suppliers bettering those figures...🤣