Ofgem announce an increase in energy prices from October.

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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?

The energy cap (how much energy firms are allowed to charge) has just been announced to be increased by 10%. This change will be made in October, and last until the end of December, when Ofgem will then review the energy cap again.

On average this will result on an increase between £94 and £161 depending on who your supplier is, and how you’re billed (i.e. are you on a standard or metered rate).

You can see more details on the average price increase from Ofgem here.

 

Why have energy prices changed?

Every three months Ofgem announce a new price cap they will be enforced on Energy firms, there are several factors that go into this including the cost of energy and production, but also how much energy is being used across the UK.

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. If you’d like to chat about what this means for you, just get in touch with one of our Solar Energy Experts. 

What does this mean for you?

This means you will face higher energy prices this winter, from October to December, until the prices are next reviewed and announced for 2025.

However, for our current Solar Panel customers, on average they save up to 80% on their energy bills on a monthly basis, due to their top-notch Solar Panels, and Battery Systems. With our Summer Sale active until the end of August, now is the perfect time to invest in Solar, and increase you financial and energy security.

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.