When introduced
Jan 2019
£1,137/year typical dual fuel (DD)
PRICE CAP HISTORY
Ofgem energy price cap history: 2019 to 2026
The Ofgem energy price cap has changed 23 times since it was introduced in January 2019. This page shows every quarterly cap level from launch to the current period, including the 2021 to 2023 energy crisis and the government's Energy Price Guarantee.
From £1,137 in 2019Peak £3,280 in 2023£1,862 from July 2026
KEY FIGURES
The price cap in numbers
All-time peak
£3,280
Q2 2023 (Apr to Jun) -- before EPG ended
Government intervention
£2,500
Energy Price Guarantee typical bill cap (Oct 2022 to Jun 2023)
Current level
£1,862
Q3 2026 (Jul to Sep) -- direct debit typical dual fuel
CAP OVER TIME
How the price cap has changed since 2019
The chart below plots every quarterly Ofgem cap level from January 2019 to July 2026. The blue line shows direct debit typical dual fuel bills; the orange line shows prepayment. Figures are Ofgem's typical annual bill estimates, not your actual bill -- which depends on your usage and region.
Direct debit (DD)
Prepayment (PPM)
2022 to 2023 energy crisis
Cap rose from £1,277 to £3,280 in 18 months
Wholesale gas prices surged after Russia's invasion of Ukraine. The sharpest rises appear between Q3 2021 and Q2 2023 on the chart.
Energy Price Guarantee
Government capped typical bills from October 2022
While Ofgem continued setting the underlying cap, the EPG limited what households on standard variable tariffs actually paid during the worst of the crisis.
April 2024 equalisation
Prepayment and direct debit rates aligned
From Q2 2024 onwards the two lines converge on the chart as Ofgem equalised prepayment standing charges and unit rates with direct debit.
Figures shown are Ofgem's typical annual dual fuel bill for direct debit and prepayment customers using 2,700 kWh electricity and 11,500 kWh gas. Actual bills depend on usage, region, and payment method.
QUARTERLY DATA
Every quarterly cap level since 2019
The table lists all 24 quarterly cap periods from launch to the current July 2026 level. Direct debit and prepayment columns show Ofgem's typical annual bill figure for each period. Prior to April 2024, prepayment customers typically paid more than direct debit customers.
| Period | Direct debit | Prepayment |
|---|---|---|
| 2019 Q1 | £1,137 | £1,137 |
| 2019 Q3 | £1,254 | £1,254 |
| 2020 Q1 | £1,162 | £1,162 |
| 2020 Q3 | £1,162 | £1,162 |
| 2021 Q1 | £1,138 | £1,138 |
| 2021 Q2 | £1,138 | £1,138 |
| 2021 Q3 | £1,277 | £1,309 |
| 2022 Q1 | £1,971 | £2,017 |
| 2022 Q3 | £2,500 | £2,568 |
| 2023 Q1 | £3,000 | £3,079 |
| 2023 Q2 | £3,280 | £3,355 |
| 2023 Q3 | £2,074 | £2,123 |
| 2023 Q4 | £1,834 | £1,876 |
| 2024 Q1 | £1,928 | £1,975 |
| 2024 Q2 | £1,690 | £1,690 |
| 2024 Q3 | £1,568 | £1,568 |
| 2024 Q4 | £1,717 | £1,717 |
| 2025 Q1 | £1,738 | £1,738 |
| 2025 Q2 | £1,849 | £1,849 |
| 2025 Q3 | £1,720 | £1,720 |
| 2025 Q4 | £1,717 | £1,717 |
| 2026 Q1 | £1,738 | £1,738 |
| 2026 Q2 | £1,690 | £1,690 |
| 2026 Q3 | £1,862 | £1,805 |
Source: Ofgem quarterly price cap announcements. Licensed under the Open Government Licence v3.0. Last updated Q3 2026 (July to September 2026).
KEY EVENTS
Timeline of major price cap changes
The cap has moved in response to wholesale energy markets, government intervention during the crisis, and regulatory changes to prepayment pricing. These are the major milestones across the period covered.
January 2019
Price cap introduced
Ofgem launches the energy price cap at £1,137 per year for a typical dual fuel household paying by direct debit, based on 2,700 kWh electricity and 11,500 kWh gas.
Next eventLate 2021
Wholesale prices begin to rise
Global gas supply pressures and post-pandemic demand recovery push wholesale energy costs sharply higher, setting the stage for the 2022 to 2023 crisis.
Next eventApril 2022
Cap rises above £1,900
The cap increases to £1,971 for direct debit customers as wholesale costs feed through into Ofgem's quarterly calculation.
Next eventOctober 2022
Energy Price Guarantee begins
The UK government introduces the Energy Price Guarantee, limiting what households on standard variable tariffs actually pay while Ofgem continues to set the underlying cap level.
Next eventApril 2023
All-time Ofgem cap peak
The Ofgem cap reaches its highest level on record at £3,280 per year for direct debit typical dual fuel (Q2 2023, April to June), before falling back as wholesale prices eased.
Next eventJuly 2023
EPG support scales back
Government support reduces and the cap falls to £2,074 for direct debit typical dual fuel as wholesale prices moderate from crisis highs.
Next eventApril 2024
Prepayment rates equalised
Ofgem rules require prepayment standing charges and unit rates on standard variable tariffs to be no higher than equivalent direct debit tariffs, removing the prepayment premium.
Next eventJuly 2026
Current cap level
The cap rises to £1,862 for direct debit typical dual fuel (Q3 2026, July to September), reflecting elevated wholesale gas prices during the assessment window.
What these figures mean for your bill
Regional rates differ from the headline cap
The figures on this page are national typical bill estimates. Your actual unit rates and standing charges depend on which of the 14 UK distribution network regions your property is in.
View rates by region →Fixed tariffs can sit below the cap
When wholesale prices fall, fixed tariffs from competing suppliers may price below the current cap level. Comparing live tariffs at your postcode is the only way to see what is available now.
Compare live tariffs →The cap changes every quarter
Ofgem announces the next cap level around six weeks before each quarter begins. Analyst forecasts give an early indication of where the next figure may land before it is confirmed.
View October 2026 forecast →Find the rates that apply to your postcode
Historical cap levels show how typical bills have changed nationally. To see the exact unit rates and standing charges for your address under the current July 2026 cap, use the postcode lookup on the homepage or browse rates by region.