The Energy Price Guarantee limits the amount you can be charged per unit of gas or electricity. It does NOT cap your energy bills - the more energy you use, the more you will pay.
From 1 July 2023, households without a pre-payment meter no longer receive an Energy Price Guarantee discount on their gas and electricity bills. This is because the Ofgem price cap is now lower than the Energy Price Guarantee level, meaning households will pay rates capped by the price cap.
For the period of July to September 2023, the Ofgem price cap has been set at £2,074 for a typical household per year. For the period of October to December 2023, the costs of mains gas and electricity will fall further, with the Ofgem price cap set at £1,923 for a typical household per year.
The Energy Price Guarantee will remain in place as a safety net until the end of March 2024 should energy prices increase above £3,000 per year.
Where can I read more about the guarantee?
You can visit the Gov.uk website for more information on the Energy Price Guarantee.