economy
British Gas, EDF, EON and OVO customers hit with £1,723 charges from October
British Gas, EON, EDF and OVO customers are set to pay £1,723 charges from October 1, along with those of most other major energy suppliers.
TL;DR
- Ofgem's new energy price cap will be £1,723 per year for typical households from October 1.
- This is a 4% increase from the previous cap, affecting customers of major suppliers like British Gas, EON, EDF, and OVO.
- Electricity unit rates will slightly increase, while gas unit rates will also rise.
- Electricity standing charges will decrease, but gas standing charges will go up.
- The price cap only applies to standard variable tariffs, impacting about 60% of homes.
- Martin Lewis warns that prices are predicted to rise significantly again in January.
- Rising wholesale rates, partly due to the Middle East conflict, are driving the expected price increases.