Price Cap: 1st October 2023

View Tag Cloud
  • DebF_EONNext's Avatar
    Community Team
    Good morning Community 👋

    Here's the latest information on the October Price Cap 2023. Although the announcement has been made by Ofgem today, the new rates will be from 1st October 2023 so these prices won't be shown on your bill just yet 🤓

    If you've got a fixed tariff with us, then it won't affect you (unless your tariff ends within this period) however the price cap will change things for customers on our standard variable tariff - Next Flex and those of you on our tracker tariff - Next pledge.

    What is the price cap?

    The price cap sets the maximum price per unit an energy supplier can charge for your energy, the limit also applies to standing charges. The level of the cap is based on a typical household's annual usage however, you may pay more or less depending on your own 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 to the July price cap?

    The price cap currently sits at £2074, but from 1 October 2023 - it will change to £1923.

    The good news is that this is the second price cap decrease in a row - compared to the four consecutive increases we have had previously. This means that for the average household the annual cost of energy will decrease around £151 per year (unless the customer is in debt).

    Not only has the price cap once again fallen - it's important to take note that the Energy Price Guarentee (EPG) has now become obsolete. Frozen at £2,500, so the EPG wouldn't apply in this instance as the cap falls below this.

    Name:  2023_OctDec_Price_cap_epg_bg.jpg
Views: 3604
Size:  25.9 KB Name:  2023_OctDec_Price_cap_breakdown_bg.jpg
Views: 3484
Size:  37.5 KB

    Where can I find more information?

    Ofgem announced the new Price Cap 25th August 2023 however we will be keeping this thread updated if there are any changes. Alongside this thread, you can also check out our blog & website too for further updates.

    🌟 What's happening in the energy market?
    🌟Energy prices are falling, should I fix my tariff?
    🌟What's happening with your bills?
    🌟What is the energy price cap?

    Is there any other support available?

    There's lots of support available and we want to help you stay on top of your energy bills. Check out our handy Extra support with the cost of living thread that outlines all the support we offer.

    If you find you're struggling please get in touch with one of our Energy Specialists who can support you. You can find all of our contact info in this link👉 How to contact E.ON Next

    Update:

    You can find the latest (1 April 2024 - 30 June 2024) Ofgem energy price cap information by following this link 👉 Ofgem energy price cap April 2024 - Everything you need to know!
    Last edited by DebF_EONNext; 23-02-24 at 11:27.
    "Green is the prime colour of the world and that from which it's loveliness arises"-Pedro Calderon De La Barca 🌳

    E.ON Next Poll - How much do you know about the Priority Service Register? - If you have a spare 2 minutes 🕑 we'd love if you complete our poll about the Priority Service Register 🤗
  • 34 Replies

  • retrotecchie's Avatar
    Level 92
    How does this compare to the July Price Cap?
    The Price Cap currently sits at £2074, but from 1st October 2023 the new price cap will be £1923. From 1 October the price per kilowatt hour (KWh) for customers on the default tariff will be 27.35p per KWh for electricity and 6.89p per KWh for gas. The daily standing charge will be 53.37p for electricity and 29.62p for gas. (This varies by region)

    So we need to see the regional rates then. Taking those 'averages' and comparing them against my Next Loyalty Fix V4 (South Wales), the v4 at 29.91 p/kWh 47.80 p/day still works out roughly comparable for me - fractionally more expensive in fact, but more than offset by the savings I'll accrue between when I fixed and October 1st.

    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.
  • Mailman's Avatar
    Level 58
    So we need to see the regional rates then. Taking those 'averages' and comparing them against my Next Loyalty Fix V4 (South Wales), the v4 at 29.91 p/kWh 47.80 p/day still works out roughly comparable for me - fractionally more expensive in fact, but more than offset by the savings I'll accrue between when I fixed and October 1st.

    Quoted at MSE Regional Cap Rates

    👍

    I'll be sticking on loyalty v4 until the November announcement for Q124 even though it is ever so slightly more (£7) for my usage between October and end of November when I shall re-assess. 🔎
  • meldrewreborn's Avatar
    Level 91
    Direct debit rates assuming maximum rate of charge from ! October 2023.

    Won't let me post table!!!!
    Last edited by meldrewreborn; 25-08-23 at 11:51.
    Current Eon Next customer, ex EDF, 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
    I should add that the "typical" household will now pay £129 extra per annum, if not on Direct Debit credit tariffs.

    Though those on Prepayment meters will probably pay much the same as those on Direct Debit variable tariffs, via a continuation of the energy price guarantee introduced to eliminate the normally higher prepayment charges. But it seems to me a bit pointless to post the prepayments rates from OFGEM because they will not be those that consumers pay in the end.
  • lastcoyote's Avatar
    Level 2
    @DebF_EONNext I literally switched/signed up yesterday to the ‘Next Pledge Tracker 12m V1’ tariff. Seen the news today about the new lower price cap from the 1st of October. I’m presuming my rates will change automatically to be below the price cap unit rate on this Pledge Tracker tariff? At the moment my dashboard shows the rates set as 30.04 p/kWh 47.21 p/day for electric and 7.33 p/kWh 29.11 p/day. Will this change to the newer rates on the 1st of October on this dashboard page?
  • WizzyWigg's Avatar
    Level 82
    @DebF_EONNext I literally switched/signed up yesterday to the ‘Next Pledge Tracker 12m V1’ tariff. Seen the news today about the new lower price cap from the 1st of October. I’m presuming my rates will change automatically to be below the price cap unit rate on this Pledge Tracker tariff? At the moment my dashboard shows the rates set as 30.04 p/kWh 47.21 p/day for electric and 7.33 p/kWh 29.11 p/day. Will this change to the newer rates on the 1st of October on this dashboard page?
    Evening. Your IHD should be automatically updated with the changes. It can sometimes take a couple of days, although it should be overnight. Hopefully. 🤞
    Obviously the changes won't occur until 1st of October.
    Last edited by WizzyWigg; 25-08-23 at 17:48. Reason: Extra comment
  • lastcoyote's Avatar
    Level 2
    Evening. Your IHD should be automatically updated with the changes. It can sometimes take a couple of days, although it should be overnight. Hopefully. 🤞
    Obviously the changes won't occur until 1st of October.
    Thanks for the reply. I was actually meaning the rates shown on my E.on Next online website Dashboard rather than my IHD.
    Presumably my rates will show as different to what they are now showing on the website account page from the 1st of October since I’m on the ‘Next Pledge Tracker 12m V1’ tariff? In other words I’m not going to need to switch manually to a V2 of this tariff if one gets released for October? I don’t think I will if I understand the nature of this tracker tariff correctly.
  • WizzyWigg's Avatar
    Level 82
    Thanks for the reply. I was actually meaning the rates shown on my E.on Next online website Dashboard rather than my IHD.
    Presumably my rates will show as different to what they are now showing on the website account page from the 1st of October since I’m on the ‘Next Pledge Tracker 12m V1’ tariff? In other words I’m not going to need to switch manually to a V2 of this tariff if one gets released for October? I don’t think I will if I understand the nature of this tracker tariff correctly.
    Sorry totally misunderstood your post. I'm not au fait with the tracker tariff. I'm sure @DebF_EONNext is up to date with it. Also there are many more learned members on the forum who might have the knowledge who could advise.