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It’s October, the start of the energy price cap increase

Today Ofgem confirmed that from 1st October-31st December 2024 the energy price cap will increase by 10%. Needless to say the announcement is already facing criticism.

white and black electric fireplace

Although UK inflation rates seem to be falling, it doesn’t mean households’ budgets have expanded. The announcement from Ofgem means annual energy bills for a typical dual-fuel household, paying by direct debt, will cost around £1,717 – an increase of £149 on the current price cap.

With this in mind, experts have expressed their opinions on the new adjustments.


Mike Thornton, chief executive of Energy Saving Trust

‘Today’s confirmation brings into even greater focus the urgent need for the UK Government to address persistently high energy prices. People will only see the benefits of its ambitious clean power target and eagerly anticipated Warm Homes Plan if there is also rapid action to bring down overall energy demand.

“We need to see a clear roadmap to upgrade the UK’s 15 million energy inefficient homes. The roadmap needs to outline access to low cost finance and incentives for the supply chain to scale up to meet demand for home upgrades. In England, a national advice service, offering expert, personalised support, must underpin this, to ensure people are empowered to improve their homes and reduce their energy bills. This must be a priority when the UK Government returns from recess next month.’


Katherine Crawford, chief executive of Age UK Scotland

‘This significant increase in the energy price cap will hit hundreds of thousands of Scottish pensioners twice as hard this winter when coupled with the UK Government’s rushed and unwelcome decision to means test the Winter Fuel Payment at such a low level.

‘With bills set to rise 10% and no plans to support older people on low incomes unless they receive Pension Credit, this winter is looking particularly bleak. Without the ability to adequately heat their homes in fear of falling into unmanageable debt, older people will be spending longer periods in colder homes, eating fewer hot meals, and will be at greater risk of health problems such as heart, respiratory and circulatory diseases.

‘Three things need to happen before the coldest weather bites, but time is running out. The UK Government needs to introduce a social tariff on energy, revisit the brutal removal of the Winter Fuel Payment for so many, and rapidly increase the number of people claiming the Pension Credit they are missing out on.’


Martin Lewis, founder of Money Saving Expert

Whilst speaking to BBC Radio 4 this morning he said the price cap should be referred to as a ‘pants cap’ as it is ripping people off. He continued that ‘there are foxed rates available that are cheaper than yesterday’s price cap [before it went up by 10%] and you can lock in for a year.’

Echoing a similar tone, Lewis posted X (formally known as Twitter): ‘The cheapest year-long fixes on the market right now are about 7% LESS than the new October Price Cap, but they mightn’t be around long.

‘That looks a good deal, as it’s currently predicted once rates go up they won’t come down. Don’t just jump on any fix though – if you’re going to lock in, you want to grab the cheapest for your use and location, so use a whole-of-market comparison, like MSE’s Cheap Energy Club, and find out who will let you fix for less.

‘Alternatively, deals like E.on Next’s Pledge or EDF Ensure are effectively discounted trackers, where they move with the Price Cap, but the unit rates or standing charges are guaranteed to be lower. And for more sophisticated energy users, the Octopus Agile and Tracker tariffs, where prices move rapidly, can be far cheaper.’

Emily Whitehouse
Writer and journalist for Newstart Magazine, Social Care Today and Air Quality News.
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