The energy regulator Ofgem’s price cap will rise 10 per cent on October 1 to £1,717 for the average household, meaning it could make sense to switch to a fixed deal for the first time since 2021.
The cap, which is reviewed every three months and is likely to go up again in January, is not a limit on how much you pay. It is the maximum amount that suppliers can charge customers per unit of gas and electricity on their standard variable tariffs.
It is set at 5.48p a kWh for gas and 22.36p kWh for electricity until September 30, which for the average dual-fuel household paying by direct debit works out at £1,568 a year for average use. From October electricity will cost