Updated on 25/09/23 by Emmanuelle_OVO
The energy price cap, which is set by Ofgem quarterly, will limit the maximum amount energy suppliers (like OVO) can charge customers for each unit of energy used.
Ofgem have announced that the new price cap will be £1,923 for a typical household from 1 October until 31 December 2023.
How will the price change impact me if I pay monthly for my energy?
With the new price cap, you’ll pay a lower unit rate for your energy from 1 October. Daily standing charges should be increasing, due to rising costs of supplying energy to your home. Due to the challenges that a lot of customers face with the cost of living crisis, this increase won’t be passed on to you, and you’ll continue paying your current price for standing charge. Your actual bills will still depend on how much energy your home uses.
As the Energy Price Guarantee (EPG) level is higher than the new price cap, it won't have an impact on what you pay if you're on a variable-rate, but it will remain in place to protect you from future price increases.
How will the price change impact me if I’m on a fixed rate for my energy?
The price cap doesn't affect prices for fixed-rate. Even though the EPG level went up to £3,000 from 1 July 2023, if you're on a fixed-rate plan your prices won't change. That's because we're keeping your prices as they are for the length of your contract to protect you from any price increases.
How will the price change impact me if I’m PAYG?
All Pay As You Go prices are variable – these will be set by the new price cap on 1 October 2023. As of 1 October 2023, you’ll receive an additional discount on your gas and electricity standing charges through the Energy Price Guarantee (EPG). This is so that you’ll most likely pay no more than Pay Monthly customers. This means your prices will decrease on 1 October.
How will Energy Price Guarantee change on 1 October?
The Energy Price Guarantee (EPG) level will remain at £3,000 until 31 March 2024.
The price cap will be double what it was pre-crisis, which will impact many households throughout the UK. The Energy Price Guarantee will remain in place as a safety net only until the end of March 2024, and will only be activated if CAP exceeds £3k.
Taking a meter reading before the price cap changes
If your smart meter is in communication with us and you’re set to daily or half hourly readings, you will not need to submit a meter reading as these will be sent in automctially. If your smart meter reading schedule is monthly we’d recommend you submit a manual reading.
For SMETS1 ‘Secure’ smart meters:
There’s a slight difference between the the S1 meters we installed. To take a dual (day/night) reading for Secure Liberty 110 S1 smart meters (which are designed to work best with storage heaters), press 9 on the meter’s keypad. If you’ve got a Secure Liberty 100 S1 smart meter, press 6 to confirm the Day and Night meter readings (pressing 9 will show the reading if you’re a single rate member with this meter).
For SMETS2 Aclara, Flonidan, Honeywell or Elster smart meters:
|Aclara (Elec) / Flonidan (Gas)||Elster (Elec) / Honeywell (Gas)|
|Reading the meter|| || |
Worried that your smart meter has lost communication? You can help diagnose this by following the smart meter health check for your meter type below, then reaching out to the Support team:
If you have a traditional meter please check out this handy tutorial:
Struggling with your energy bills?
Charities and organizations that offer advice and support:
Visit your local branch, or their websites: for England and Wales and for Scotland. You can speak to an adviser online, in person, or over the phone: 0800 144 8848 (England), 0800 702 2020 (Wales), and 0800 028 1456 (Scotland).
Call 0808 808 4000 or visit their website.
Step Change Debt Charity
Call 0800 138 1111 or visit their website.
Other support available for customers who may be struggling with their bills:
Fuel Direct Scheme
The Fuel Direct scheme helps to pay your energy bills directly from your benefits (the scheme is run by the Department for Work and Pensions).
Cold Weather Payment
A Cold Weather Payment might be available to you, if you’re getting certain benefits. These payments are made if the temperature in your area is forecasted or recorded to be 0C or below for over 7 days in a row. See if you’re eligible and find out more here.
Winter Fuel Payment
This is available to people who were born on or before 26 September 1955. It’s an annual one-off payment between £100 and £300, to help pay for your heating over the winter. Find out more about the Winter Fuel Payment here.
Warm Home Discount Scheme
You might be eligible for £140 credit towards your energy bills through the Warm Home Discount Scheme. If you’re in England or Wales you don’t need to apply. We've now closed the Scottish broader group applications for 2022/23. Information about next year’s scheme will be available soon. Find out more about the Warm Home Discount via the GOV website here.