Who are Ofgem?
Ofgem is the independent energy regulator in the UK, they exist to regulate the monopoly companies which run the UK gas and electricity firms. Ultimately, Ofgem is responsible for the price of energy in the UK, and the standards energy suppliers are held to.
At Ofgem’s core they:
- Collaborate with the government, and energy and gas firms to manage the industry, and economy while keeping costs low for customers
- Eliminate and manage unfair practices to ensure all customers, especially vulnerable customers, receive fair treatment
- Challenge industry standards, to try to keep energy prices low for the UK
What is the price increase in energy prices from October 2024?
Ofgem will increase the energy cap by 10% in October, lasting until December when they’ll review it again.
This increase ranges from £94 to £161, depending on your supplier and billing method (standard or metered rate).
You can see more details on the average price increase from Ofgem here.
Why have energy prices changed?
Ofgem announces a new price cap every three months, based on energy costs, production, and nationwide energy usage.
Read more on the price increase here.
Read more on what influences the price cap here.
Below is an infographic released by Ofgem on Social Media this morning. This breaks down the new unit rate, and stand charge throughout the Autumn and Winter months this year.
Get in touch with our Solar Energy Experts to discuss how this benefits you.
What does this mean for you?
Expect higher energy prices this winter, from October to December, until the 2025 prices are reviewed.
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The sooner you get a quote, the sooner you can decide to start saving with one of our premium systems ahead of the upcoming energy price increase.