Ofgem energy price cap history
The Ofgem energy price cap has changed every quarter since October 2021 when quarterly reviews were introduced. This page shows the complete history of the cap from 2019 to 2026, what households paid at each period and how the market has changed.
- Direct debit
- Prepayment
- Prepayment rates equalised with direct debit (Apr 2024)
Figures shown are Ofgem's typical annual dual fuel bill for a direct debit customer using 2,700 kWh electricity and 11,500 kWh gas. Actual bills depend on usage. Source: Ofgem. Last updated June 2026.
Prior to 2017 prepayment and direct debit customers paid the same rates. A prepayment premium applied from 2017 until April 2024 when Ofgem equalised the rates. From April 2024, Ofgem rules require prepayment tariffs on standard variable rates to be no higher than equivalent direct debit tariffs. The prepayment premium that previously applied has been removed.
| Period | Effective date | Annual cap (DD) | Change |
|---|---|---|---|
| 2019 Q1 | 1 Jan 2019 | £1,137 | — |
| 2019 Q3 | 1 Jul 2019 | £1,254 | +£117 (+10.3%) |
| 2020 Q1 | 1 Jan 2020 | £1,162 | £-92 (-7.3%) |
| 2020 Q3 | 1 Jul 2020 | £1,162 | +£0 (+0.0%) |
| 2021 Q1 | 1 Feb 2021 | £1,138 | £-24 (-2.1%) |
| 2021 Q2 | 1 Apr 2021 | £1,138 | +£0 (+0.0%) |
| 2021 Q3 | 1 Oct 2021 | £1,277 | +£139 (+12.2%) |
| 2022 Q1 | 1 Apr 2022 | £1,971 | +£694 (+54.3%) |
| 2022 Q3 | 1 Oct 2022 | £2,500 | +£529 (+26.8%) |
| 2023 Q1 | 1 Jan 2023 | £3,000 | +£500 (+20.0%) |
| 2023 Q2 | 1 Apr 2023 | £3,280 | +£280 (+9.3%) |
| 2023 Q3 | 1 Jul 2023 | £2,074 | £-1,206 (-36.8%) |
| 2023 Q4 | 1 Oct 2023 | £1,834 | £-240 (-11.6%) |
| 2024 Q1 | 1 Jan 2024 | £1,928 | +£94 (+5.1%) |
| 2024 Q2 | 1 Apr 2024 | £1,690 | £-238 (-12.3%) |
| 2024 Q3 | 1 Jul 2024 | £1,568 | £-122 (-7.2%) |
| 2024 Q4 | 1 Oct 2024 | £1,717 | +£149 (+9.5%) |
| 2025 Q1 | 1 Jan 2025 | £1,738 | +£21 (+1.2%) |
| 2025 Q2 | 1 Apr 2025 | £1,849 | +£111 (+6.4%) |
| 2025 Q3 | 1 Jul 2025 | £1,720 | £-129 (-7.0%) |
| 2025 Q4 | 1 Oct 2025 | £1,717 | £-3 (-0.2%) |
| 2026 Q1 | 1 Jan 2026 | £1,738 | +£21 (+1.2%) |
| 2026 Q2 | 1 Apr 2026 | £1,690 | £-48 (-2.8%) |
| 2026 Q3 | 1 Jul 2026 | £1,862 | +£172 (+10.2%) |
See current regional unit rates in our price cap rates by region tool, or compare fixed vs variable costs with the fixed vs variable calculator.
Key events
October 2021
Quarterly reviews introduced. Cap rises sharply as wholesale gas prices spike following post-Covid demand surge and Russia-Ukraine conflict.
April 2022
First £1,000+ rise. Millions of households see annual bills approach £2,000 for the first time.
October 2022
Government Energy Price Guarantee (EPG) caps effective bills at £2,500 despite the Ofgem cap reaching £3,549. The EPG ran until April 2023.
July 2023
Cap falls below £2,000 for the first time since 2022 as wholesale prices normalise.
April 2024
Cap falls to £1,690. Fixed tariffs begin returning to the market as suppliers regain confidence.
July 2026
Cap rises 13.5% to £1,862. Fixed tariffs available below the cap for the first time since the spike, making switching worthwhile for most households.
Frequently asked questions
What is the Ofgem energy price cap?
The Ofgem price cap sets the maximum unit rates and standing charges energy suppliers can apply to domestic customers on standard variable tariffs. It is reviewed quarterly. It does not cap your total bill; it caps the rate per unit and per day.
Why did energy prices rise so sharply in 2021-2022?
A combination of factors drove the 2021-22 energy crisis. Post-Covid economic recovery increased global demand for gas. The Russia-Ukraine conflict in early 2022 disrupted European gas supplies significantly. Wholesale gas prices rose to historic highs, which suppliers passed through to customers via the price cap.
What was the Energy Price Guarantee?
The Energy Price Guarantee was a UK government scheme that ran from October 2022 to April 2023. It capped the effective annual bill for a typical household at £2,500, even though the Ofgem price cap itself had risen to £3,000 to £3,280 during the same period. The government absorbed the difference.
Is the price cap going up in 2026?
Yes. From 1 July 2026 the Ofgem price cap rises to £1,862 per year for a typical dual fuel household paying by direct debit, an increase of approximately 13.5% from the April 2026 level of £1,690.
Compare tariffs below the current cap
Fixed tariffs are currently available below the July 2026 price cap for typical households. Compare live deals at your postcode.