The energy price cap for July 2023 has been set at £2074
The previous price cap last April was set at £3280. Fortunately, we didn’t have to pay that amount because, Ofgem
introduced the price guarantee. The price guarantee was set at £2500.
How do these prices affect the consumer?
The price cap, and the price guarantee are based on average energy consumption. If you used 2900 KWH of electricity and 12000 KWH of gas for a whole year, based on the current price cap, you will pay £2074.
The actual price you pay will be based on you own energy usage. Your energy supplier will notify you about your unit prices and standing charge.
Example of unit rates and standing charge is as follows:
Energy unit price and Standing Charge for price cap from 1 July 2023 | |
Electricity | £0.30 per KWh Daily standing charge: £0.53 |
Gas | £0.08 per KWh Daily standing charge £0.29 |
Energy Price Cap July 2023