Go.Compare energy expert comments on the latest rise in the Ofgem energy price cap
Ofgem has today announced that, from the 1st October 2024, the price cap will increase by £149 to £1,717, an increase of 10% from the previous price cap which was £1,568.*
Gareth Kloet, spokesperson for Go.Compare Energy commented on the latest price cap:
“Today’s announcement will be a disappointment for many, particularly as we’ve been seeing the price cap drop in recent months. The timing is also unfortunate, given we are about to head out of summer and into the colder months, where energy usage naturally increases. And with the recent news that the winter fuel allowance will be withdrawn for some billpayers, this winter’s price hike could hit many households especially hard.
“However, despite today’s announcement that the price cap will increase in October, it’s worth remembering that it will still be 10.7% lower than the energy price cap was in the same period for 2023, which was £1,923. What it does demonstrate is that the UK energy market is still vulnerable to fluctuations as we remain dependent on the changes in the wholesale price of gas.
Gareth added: “From a billpayer’s perspective, the news of the energy price cap is always a good reminder to think about your current energy contract – especially now the market is slowly opening up and there are some deals available.
“Before you look around, remember to take a look at your energy usage and the rates of your current deal. It’s also worth checking if there are any early exit fees involved with your current contract, as you may have to pay to leave, which could cancel out any potential savings. Comparison sites will help you take stock of your choices and see the options on the market for you, whether you want to opt for a flexible or a fixed rate tariff.
“With the colder months approaching and energy usage increasing, there are some small changes you can make which could help you save energy and money. Go.Compare has compiled a guide with some practical energy-saving tips, which can be found here: https://www.gocompare.com/gas-and-electricity/guide/energy-saving-tips/”
More information about energy bills and switching can be found at: https://www.gocompare.com/gas-and-electricity/guide/how-to-switch-energy-supplier/
Contact Information
Rubie Barker
Notes to editors
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* https://www.ofgem.gov.uk/energy-price-cap
For further information please contact:
Lynsey Walden or Kath Chadwick at Go.compare on lynsey.walden@gocompare.com or kathryn.chadwick@gocompare.com.
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to editors
About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/.