LONDON: Energy regulator Ofgem has today (Friday 24 May, 2024) confirmed the energy price cap for the third quarter of 2024.
The price cap, which sets a maximum rate per unit that can be charged to customers for their energy use, will fall by 7% from 1 July to 30 September 2024, compared to the previous quarter. For an average household paying by direct debit for dual fuel this equates to £1,568, a drop of £122 over the course of a year.
The average household paying by prepayment meter for dual fuel will pay £1,522 over the course of a year. The average household paying for dual fuel by standard credit will pay £1,668 over the course of a year.
The price cap set by Ofgem assumes a standing charge of £334 for a dual fuel customer (£369 for those who pay by standard credit). This is unchanged from the last price cap period.