The price cap – set by Ofgem, the energy regulator. This limits the amount customers on variable rate plans will pay for each unit of gas and electricity and sets a maximum standing charge. The Energy Price Guarantee – provided by the government to help households with energy costs during the energy crisis.
Almost every household has been charged the same price for their energy over the last year under the Energy Price Cap (EPC) and the Energy Price Guarantee (EPG), with no cheaper fixed deals to switch to. That has now changed, with Ovo launching a one-year fix for existing customers that undercuts the EPG level of £2,500 a year.
Community Manager. Updated on 14/12/23 by Tim_OVO. Ofgem''s energy price cap limits what you pay for gas or electricity on a variable rate plan. You can see the latest information regarding the price cap levels and date changes on the Ofgem site here.
Ofgem''s energy price cap limits what you pay for gas or electricity on a variable rate plan. You can see the latest information regarding the price cap levels and date changes on the Ofgem site here.
The Energy Price Guarantee – provided by the government to help households with energy costs during the energy crisis. It''s a discount on gas and electricity prices and is in addition to the price cap. It applies to both variable and fixed rate plans. If the Energy Price Guarantee (EPG) is above the level of the price cap, it won''t impact prices for anyone who pays monthly.
If you''re on a variable rate plan, your unit rate and standing charge will change on 1st January, April, July and October, in line with the new price cap. We''ll write to you to let you know if this impacts you personally. Your actual bills will still depend on how much energy your home uses.
If you''re on a fixed rate plan, the price cap doesn''t affect prices for fixed-rate plans. We''re keeping your prices as they are for the length of your contract to protect you from any price increases.
This will make sure your energy account is up to date. You can submit a meter reading now on your online account or through our app. If you''ve got a smart meter, you don''t need to send a reading. The smart meter will send this for you.
Citizens Advice: Visit your local branch, or their websites: for England and Wales and for Scotland. You can speak to an adviser online, in person, or over the phone: 0800 144 8848 (England), 0800 702 2020 (Wales), and 0800 028 1456 (Scotland).
Fixed rate tariffs are NOT covered by price caps. OVO is allowed to charge whatever they want for them. If you want to switch to Variable, that''s allowed, please discuss with OVO via https://help.ovoenergy
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