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The Energy Price Cap Explained
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The energy price cap limits the maximum price suppliers can charge their home energy customers for standard variable tariffs.
The cap was introduced in January 2019 and is now updated every 3 months by the energy regulator Ofgem. In October 2023, the energy price cap will fall below £2,000, it's lowest level since October 2021.
What is the energy price cap?
From 1st October 2023, the energy price cap will be set at £1,923 a reduction of £151 from July 2023.
Why has the energy price cap been reduced?
The price cap is reviewed every three months by energy regulator Ofgem and is adjusted according to the energy market.
In recent months, wholesale prices have fallen after rapid increases across 2022 caused by the energy crisis. As a result, Ofgem have lowered the price cap to reflect the fall in wholesale gas and electricity costs.
How will the price cap affect energy bills?
As the price cap has been reduced, government support is set to be scaled back.
As energy prices spiralled in 2022, the government introduced the Energy Price Guarantee and the winter bills discount. These support measures meant the average household bill would be priced at around £2,100.
However, the £400 winter bills discount ended in April 2023 and the Energy Price Guarantee is ended in July.
Does the price cap affect businesses?
The energy price cap only applies to home energy and does not affect business tariff prices. As there is no cap on the cost of business energy, tariff prices have increased significantly.
Whilst there is no business electricity price cap, financial support has been introduced in the form of the Energy Bill Discount Scheme (EBDS). The EBDS is applied directly to wholesale costs to reduce business energy prices. The discount is relative to wholesale prices above a certain cost. These are:
- A maximum discount of £89 per MWh with a price threshold of £185 per MWh for electricity
- A maximum discount of £40 per MWh with a price threshold of £99 per MWh for gas
Under the EBDS, support will be phased in when the wholesale prices reach the floor price until the total discount reaches the maximum cap.
The discount will be available to businesses on a new fixed price energy contract, or a fixed price deal agreed on or after 1st December 2021. Businesses on deemed or variable deals will also be eligible for the discount.
Should I switch business electricity supplier?
The Energy Bills Discount Scheme doesn’t affect your ability to switch business energy suppliers. As the discount applies to new fixed price contracts, you can agree a new deal and still be eligible for potential discounts.
With Business Electricity Prices, you can quickly compare the latest energy prices from a panel of trusted suppliers. All you need to do is select the right tariff for you and we’ll handle the full switching process for you.
To find out which deal is right for you, simply compare the latest business electrcity prices online today.
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