Updated on 15/01/25 by Abby_OVO:
For up to date information about the current price cap please head to our website. Or check out this helpful FAQ to find out more about how this may impact you and what support is available:
Ofgem’s energy price cap limits what you pay for gas or electricity on a variable rate plan. You can see the latest information regarding the price cap levels and date changes on the Ofgem site here.
The way energy suppliers set prices is impacted by:
The price cap – set by Ofgem, the energy regulator. This limits the amount customers on variable rate plans will pay for each unit of gas and electricity and sets a maximum standing charge.
The Energy Price Guarantee – provided by the government to help households with energy costs during the energy crisis. It’s a discount on gas and electricity prices and is in addition to the price cap. It applies to both variable and fixed rate plans. If the Energy Price Guarantee (EPG) is above the level of the price cap, it won’t impact prices for anyone who pays monthly.
What this means if you pay monthly for your energy
If you're on a variable rate plan, your unit rate and standing charge will change on 1st January, April, July and October, in line with the new price cap. We’ll write to you to let you know if this impacts you personally. Your actual bills will still depend on how much energy your home uses.
If you're on a fixed rate plan, the price cap doesn't affect prices for fixed-rate plans. We're keeping your prices as they are for the length of your contract to protect you from any price increases.
What this means if you Pay As You Go for your energy
All Pay As You Go prices are variable – these will change with the new price cap on 1st January, April, July and October.
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Hey @Corgimajor,
Sorry for the issues you’re having.
OVO will directly contact all customer affected by the Energy Price Guarantee , both those on fixed rate plans and the Simpler Variable Plan. Please keep an eye on your emails.
If your prices have changed, you have received confirmation of this and your Online Account has adjusted. You don’t need to worry about your In Home Display (IHD) showing the wrong rates.
We’re aware that a small number of our In Home Displays have a fault that’s causing them to show incorrect costs. We’ve emailed affected customers in advance to confirm that this is an issue with the display only and not the actual meter, meter reading or energy bills.
You don’t need to do anything and an automatic fix will happen within the next 24 hours.
See more advise in this similar thread:
I constructed this for posting to the E.On Next forum but most of it applies here to.
My advice to customers is to be as patient as possible, but concentrate on the fact that unit prices will now remain the same for 2 years but bills can go up or down depending on your consumption. There is no cap on bills, The caps are on prices. Use more - you pay more. Use less - you pay less.
It is important to note that the price guarantee is based on an average user, so if you’re on a fixed plan and your energy bills exceed £2500, this doesn’t necessarily mean your prices will change. You may be a high user.
Hope this helps.
