When will Ofgem announce the new energy price cap?

Analysts forecast a decrease in the energy price cap after 1st April

Ofgem is scheduled to unveil the new energy price cap on 23rd February.

The cap establishes the highest price allowed for energy suppliers to charge households per unit of energy under standard or default tariffs.

The cap, set to be in place from 1st April to 30th June, will be influenced by various factors including supply, demand and global energy costs.

As of Monday, 1st January 2024, the energy price cap increased to £1,928 annually for a standard household with typical energy usage and payment via direct debit, marking a 5% rise from the previous cap of £1,834 in October 2023.

Cornwall Insight analysts had predicted a potential decrease in the cap.

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