When is the new energy price cap and how much will it rise?

Ofgem is set to announce the new quarterly energy price cap on 27th August.

The price cap sets a limit on the cost per unit of gas and electricity and the maximum daily standing charge suppliers can charge.

The anticipated cap will apply from 1st October to 31st December 2024.

In June, consultancy Cornwall Insight updated its forecast, predicting that the new cap will be £1,723 per year for a typical dual fuel consumer.

This represents a 10% rise from the current cap of £1,568, effective from 1st July 2024.

The anticipated increase is due to higher wholesale market prices, influenced by geopolitical issues and supply-demand pressures.

For the first quarter of 2025, experts expect the cap to remain similar to the October-December level.