Listen: what the energy price cap increase means for our bills

As the first snow of the year starts to fall, households around the country are braced for gas and electricity prices to rise again as Ofgem has announced today (Friday 22^nd November) a 1% increase to the energy price cap. This increase will come into effect on the 1^st January and follows on from the 10% increase that came into effect in October.

Although experts predict minor decreases in the price cap in mid to late 2025, it is clear that energy bills are unlikely to return to pre-energy crisis levels in the near-future. This means it’s more important than ever that households have a strong understanding of their energy use.

Unfortunately, energy confusion is still worryingly high. Despite the energy price cap being introduced in 2019, a third (31%) of bill payers remain unsure as to whether they are on an energy tariff that is impacted by the price cap. A quarter (25%) are unaware that the price cap changes every quarter.

Aston spoke to Will Pollard from Smart Energy GB.

Photo by Sies Kranen on Unsplash