In the last few hours, Ofgem has announced that energy costs for customers on standard tariffs will fall by 7% from October.*

While this may offer some relief for bill payers heading into winter, actual bills may still rise as we use more energy during the colder months.

Costs are then predicted to rise again in January** leaving many customers considering the certainty of a fixed deal.

Find out what it all means for you below.

Why are rates falling?

Every three months, Ofgem looks at market factors to set the energy price cap. This limits the amount suppliers can charge standard tariff customers for each unit of energy used, as well as the daily standing charge. But it’s not a cap on total bills. The actual amount you pay will depend on your energy usage.

Read guide

How much will my energy cost from October?

The table below looks at how the unit rates and standing charges will change. Check your energy usage from last year’s bills for the same period to get an idea of how much you might expect to pay.

Bear in mind the figures shown are averages for direct debit customers. Actual costs will vary by region and payment method.

UK average rates on the price cap

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*The average annual bill for a typical consumption household will fall to £1,923 from £2,074 this October (7% decrease). Based on the average annual bill size from 1 October for a dual fuel customer consuming medium energy usage as defined by Ofgem (2,900 kWh of electricity and 12,000 kWh of gas per year), paying by direct debit, with paperless billing. Prices averaged across all regions.

**Based on Cornwall Insight’s analysis, for a typical dual-fuel household (direct debit customer, national average figures) the prediction for Q1 2024 price cap will be £2,033. That is a £110 (5.72%) increase compared to the October-December price cap. Figures correct as at 25/08/2023.

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