Energy price cap hike coming amid ‘volatile’ wholesale market

The Ofgem energy price cap will rise in October, with experts blaming geopolitical tensions for the change. Here's what it means for your gas and electricity bills.

Lightbulbs shine as new Ofgem energy price cap gets announced (image: Anastasiia Smolienko / Ukrinform/Future Publishing via Getty Images)
The Ofgem energy price cap is set to rise in October (image: Anastasiia Smolienko / Ukrinform/Future Publishing via Getty Images)
(Image credit: Anastasiia Smolienko / Ukrinform/Future Publishing via Getty Images))

Households look set to face another financially challenging winter after it was confirmed the Ofgem energy price cap will surge 10% from October.

It means gas and electricity bills will go up £149 a year (£12.50 per month) to £1,717 - though the exact amount you pay will depend on your usage. 

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Ofgem energy price cap unit rates (October to December)
FuelPrice per kilowatt hour (kWh)Standing charge (per day)
Gas6.24p31.66p
Electricity24.5p60.99p

Henry Sandercock has spent more than eight years as a journalist covering a wide variety of beats. Having studied for an MA in journalism at the University of Kent, he started his career in the garden of England as a reporter for local TV channel KMTV.

Henry then worked at the BBC for three years as a radio producer - mostly on BBC Radio 2 with Jeremy Vine, but also on major BBC Radio 4 programmes like The World at One, PM and Broadcasting House. Switching to print media, he covered fresh foods for respected magazine The Grocer for two years.

After moving to NationalWorld.com - a national news site run by the publisher of The Scotsman and Yorkshire Post - Henry began reporting on the cost of living crisis, becoming the title’s money editor in early 2023. He covered everything from the energy crisis to scams, and inflation. He also has bylines in MoneyWeek.