How much notification do we get before an energy price increase?

dllive

Hi,

At what points in the year do we know when the price cap increase/decreases, and when/where is this announced?

For example, if theres going to be an increase in July 2023, is it announced in June 2023? The earlier I know if theres going to be an increase the easier it is for me to budget for.

Thanks

[Deleted User]

The price cap is reviewed every three months and published a month in advance.

Its about three weeks before the change that we get the final numbers.

jacko220

dllive said:

Hi,

At what points in the year do we know when the price cap increase/decreases, and when/where is this announced?

For example, if theres going to be an increase in July 2023, is it announced in June 2023? The earlier I know if theres going to be an increase the easier it is for me to budget for.

Thanks

I certainly agree it seems that they wish to hide increases they are OFGEM and my Energy Supplier.

[Deleted User]

Just to clarify - I'm talking about the OFGEM cap announcements.  It was 24 Nov for the 1 January cap changes.

It then takes a little time to publish new tariffs - which was fast and simple before the government started overruling the cap with extra discounts.  Biggest delay is normally for E7 tariffs and similar because they don't follow strictly from the OFGEM figures.

[Deleted User]

Just to clarify - I'm talking about the OFGEM cap announcements. 

If it a tariff change is to the consumer’s detriment (eg; a tariff increase), then the Supply Licence now refers to ‘reasonable notice’. ‘Reasonable notice’ is the time needed for a consumer to initiate a transfer of supply (if that ever becomes the norm again): with reduced switching times, the notice period can be just a few days.

EssexHebridean

jacko220 said:

dllive said:

Hi,

At what points in the year do we know when the price cap increase/decreases, and when/where is this announced?

For example, if theres going to be an increase in July 2023, is it announced in June 2023? The earlier I know if theres going to be an increase the easier it is for me to budget for.

Thanks

I certainly agree it seems that they wish to hide increases they are OFGEM and my Energy Supplier.

It’s not clear what you are “agreeing with” but you seem to be implying an opinion on to the OP that wasn’t there. 

There is no attempt by anyone to “hide increases” however - we have already been told what level of increase to expect in April - for most people there will be no alteration to rates ahead of then. 4 months notice - and notice that was covered by just about every media outlet out there - seems to me to be the absolute opposite of “hiding” the information?

macman

The likelihood is that support will be extended for at least another 3 months, but at a lower level, so the price cap will probably rise to £3,000 on 1/4/23. Which, as we all know, is only an average figure.