Last Updated on October 20, 2026
Energy price cap history in the UK starts at £1,137 in January 2019 and reaches £1,723 today, with a peak of £4,279 in the winter of 2022 to 2023. Ofgem has set 25 caps so far. We list every one below, with the change on the one before and the main reason it moved.
One warning first: Ofgem has changed what counts as a typical household three times, so the raw figures are not always like for like. We flag each break, then look at what the energy price cap history suggests for January 2027.
Quick answer: The Ofgem price cap began at £1,137 a year in January 2019, peaked at £4,279 for January to March 2023, and stands at £1,723 for 1 October to 31 December 2026. The January 2027 cap is not set yet, with forecasts of £1,999 to £2,185.
Contents
- 1 Energy price cap history table: every Ofgem cap since 2019
- 2 Energy price cap graph: what the chart shows
- 3 Why are the energy price cap figures not always like for like?
- 4 What moves the energy price cap?
- 5 How did the Energy Price Guarantee and quarterly caps change things?
- 6 Does the energy price cap rise in January?
- 7 What is the current energy price cap?
- 8 Energy price cap tracker: what comes next
- 9 FAQs
- 10 Our Verdict
- 11 Sources
Key takeaways
- There have been 25 caps since 1 January 2019: the first £1,137, the highest £4,279 (January to March 2023) and the lowest as announced £1,042 (October 2020 to March 2021).
- Caps went quarterly in October 2022. The Energy Price Guarantee held a typical bill to £2,500 while the cap sat above it.
- The “typical household” changed in April 2020, October 2023 and July 2026, so compare like with like.
- January caps have risen four years running (+21%, +5%, +1.2%, +0.2%). Forecasts for January 2027 are +16% to +27%.
Energy price cap history table: every Ofgem cap since 2019
Figures are from Ofgem’s historical price cap levels for a typical dual-fuel household paying by Direct Debit, as first announced.
Each change is measured against the previous period, accounting for Ofgem’s published restatements where indicated. “Wholesale” refers to the wholesale energy component of the cap.
| Cap period | Annual cap | Change | Main driver |
|---|---|---|---|
| Jan–Mar 2019 | £1,137 | First cap | Cap introduced |
| Apr–Sep 2019 | £1,254 | +£117 (+10%) | Wholesale +£74 |
| Oct 2019–Mar 2020 | £1,179 | −£75 (−6%) | Wholesale −£75 |
| Apr–Sep 2020 | £1,162 | −£17 (−1%) | Wholesale −£38 |
| Oct 2020–Mar 2021 | £1,042 | −£84 (−7%) | Lowest as announced; compared with £1,126 restated |
| Apr–Sep 2021 | £1,138 | +£96 (+9%) | Wholesale +£66 |
| Oct 2021–Mar 2022 | £1,277 | +£139 (+12%) | Wholesale +£155 |
| Apr–Sep 2022 | £1,971 | +£694 (+54%) | Wholesale +£549 |
| Oct–Dec 2022 | £3,549 | +£1,578 (+80%) | First quarterly cap; Energy Price Guarantee begins |
| Jan–Mar 2023 | £4,279 | +£730 (+21%) | Peak; wholesale £3,137 |
| Apr–Jun 2023 | £3,280 | −£999 (−23%) | Wholesale −£967 |
| Jul–Sep 2023 | £2,074 | −£1,206 (−37%) | Wholesale fell sharply; £1,976 on 2023 basis |
| Oct–Dec 2023 | £1,923 | −£151 (−7%) | £1,834 on 2023 basis |
| Jan–Mar 2024 | £1,928 | +£94 (+5%) | Against £1,834; wholesale +£87 |
| Apr–Jun 2024 | £1,690 | −£238 (−12%) | Wholesale −£265 |
| Jul–Sep 2024 | £1,568 | −£122 (−7%) | Wholesale −£107 |
| Oct–Dec 2024 | £1,717 | +£149 (+10%) | Wholesale +£123 |
| Jan–Mar 2025 | £1,738 | +£21 (+1.2%) | Wholesale +£19 |
| Apr–Jun 2025 | £1,849 | +£111 (+6.4%) | Wholesale +£86 |
| Jul–Sep 2025 | £1,720 | −£129 (−7%) | Wholesale −£106 |
| Oct–Dec 2025 | £1,755 | +£35 (+2%) | Policy costs +£17 |
| Jan–Mar 2026 | £1,758 | +£3 (+0.2%) | Policy costs +£21 |
| Apr–Jun 2026 | £1,641 | −£117 (−7%) | Policy costs −£130; £1,477 on 2026 basis |
| Jul–Sep 2026 | £1,862 | +£221 (+13%) | Wholesale +28%; £1,663 on 2026 basis |
| Oct–Dec 2026 | £1,723 | +£60 (+4%) | Wholesale +11%; on 2026 basis |
Sources: Ofgem’s historical cap letters and summaries, linked below. Percentages are rounded. Restated figures are Ofgem’s published equivalents.
Energy price cap graph: what the chart shows
Plotted as a line, the energy price cap history shows a cap near £1,000 to £1,300 until early 2022, a spike to £4,279 by January 2023, a fall to £1,923 by October 2023 and a plateau between £1,568 and £1,928 until the gas shock of 2026.
The October 2026 cap should be plotted at £1,723, with the July 2026 change in typical consumption clearly marked. On the previous consumption basis, the October cap would be approximately £1,936 by our calculation.
Why are the energy price cap figures not always like for like?
The cap is a price, not a fixed bill. To illustrate its effect, Ofgem assumes a set amount of annual electricity and gas consumption for a typical household.
Those assumptions have changed three times.
| Period | Electricity (kWh/year) | Gas (kWh/year) |
|---|---|---|
| Before April 2020 | 3,100 | 12,000 |
| April 2020–September 2023 | 2,900 | 12,000 |
| October 2023–June 2026 | 2,700 | 11,500 |
| From July 2026 | 2,500 | 9,500 |
The July 2026 change is particularly important.
For July to September 2026, Ofgem published a figure of £1,862 on the previous consumption basis and £1,663 on the new one.
Both describe the same underlying prices.
The new headline figure is lower because the assumed household uses less energy, not because every customer automatically received a reduction of that size.
What moves the energy price cap?
Wholesale energy prices are a major factor, and gas drives much of that movement.
Based on Ofgem’s published cost breakdowns, wholesale energy accounted for approximately:
- 29% of the cap in October 2020.
- 70% in October 2022.
- 73% at the January 2023 peak.
- 47% in October 2026.
Trading Economics reported UK wholesale gas at approximately 222p per therm on 20 October 2026.
Ofgem’s observation window for the January 2027 cap runs until 17 November, so wholesale market movements can still affect the final figure.
Our guide to the January 2027 energy price cap covers the latest forecasts.
How did the Energy Price Guarantee and quarterly caps change things?
After the initial three-month cap, Ofgem generally reset the price cap every six months until 2022.
In August 2022, Ofgem announced a move to quarterly price cap updates, beginning on 1 October 2022.
The government introduced the Energy Price Guarantee on the same date.
This limited the unit rates charged to households so that a typical dual-fuel Direct Debit bill was approximately £2,500 a year until 30 June 2023.
It capped prices rather than total bills, meaning households using more energy could still pay more.
Ofgem’s May 2023 letter lists the £2,500 guarantee level for April to June 2023 and a higher guarantee level of £3,000 scheduled until April 2024.
However, the Ofgem cap fell below that level from 1 July 2023, meaning the ordinary price cap once again determined the maximum rates for affected customers.
This distinction matters when looking at the historical peak.
£4,279 was the highest cap Ofgem calculated, not the amount a typical household actually paid under the Energy Price Guarantee.
Does the energy price cap rise in January?
Every January cap since quarterly resets began has increased.
Current forecasts suggest January 2027 could see a larger rise than the previous three January increases.
| January cap | Annual level | Change |
|---|---|---|
| January–March 2023 | £4,279 | +£730 (+21%) |
| January–March 2024 | £1,928 | +£94 (+5%) |
| January–March 2025 | £1,738 | +£21 (+1.2%) |
| January–March 2026 | £1,758 | +£3 (+0.2%) |
| January–March 2027 | Forecast £1,999–£2,185 | +£276–£462 (+16% to +27%) |
A 16% increase would be the largest January rise since 2023.
The higher forecasts from EDF and British Gas would exceed January 2023’s percentage increase and represent the largest quarterly rise since October 2022.
These are forecasts, not confirmed prices.
What is the current energy price cap?
From 1 October to 31 December 2026, the energy price cap is £1,723 a year for a typical dual-fuel household paying by Direct Debit.
That represents a 4% increase compared with July to September 2026 on the current consumption basis.
Ofgem’s published unit rates are:
- Electricity: 26.32p per kWh, with a 54.83p daily standing charge.
- Gas: 7.97p per kWh, with a 29.68p daily standing charge.
These are typical figures; actual rates vary by region and payment method.
| Payment method | Jul–Sep 2026 | Oct–Dec 2026 | Change |
|---|---|---|---|
| Direct Debit | £1,663 | £1,723 | +4% |
| Standard credit | £1,796 | £1,861 | +4% |
| Prepayment meter | £1,620 | £1,678 | +4% |
| Economy 7 (Direct Debit) | £1,039 | £1,046 | +1% |
Domestic electricity VAT is 0% from 1 October 2026 until 31 March 2027 under the announced policy, while gas remains subject to 5% VAT.
Ofgem notes that this tax change affects comparisons with earlier periods.
Energy price cap tracker: what comes next
Ofgem is due to announce the next price cap on or before 25 November 2026.
That cap will apply from 1 January to 31 March 2027.
The following announcement is expected on or before 23 February 2027.
You can follow the dates in our guide to the next energy price cap announcement.
If you’re deciding whether to lock in your current rates, read should you fix or wait before the January price cap?.
Reducing consumption can also help. See our guides to reducing your gas bill and saving on your electricity bill.
Generating some of your own electricity offers another way to reduce reliance on grid prices.
Our guides to whether solar panels are worth it and solar panel payback periods explain the longer-term financial considerations.
FAQs
What was the highest energy price cap ever?
The highest Ofgem cap was £4,279 a year for January to March 2023, based on a typical dual-fuel Direct Debit household.
Most households did not pay that amount because the Energy Price Guarantee limited the rates charged, producing a typical bill of approximately £2,500.
What was the Energy Price Guarantee?
The Energy Price Guarantee was a government scheme introduced on 1 October 2022.
It reduced unit rates so that a typical dual-fuel Direct Debit household would pay approximately £2,500 a year.
It set maximum prices rather than maximum bills, so higher-consuming households could still pay more.
Ofgem’s ordinary cap fell below the guarantee level from 1 July 2023.
Why do some sites show different price cap figures for the same period?
Ofgem changed its typical household consumption assumptions in April 2020, October 2023 and July 2026.
For example, July to September 2026 was £1,862 on the previous consumption basis and £1,663 on the new basis.
Both figures describe the same underlying energy prices.
Always check which consumption assumptions are being used before comparing historical figures.
Has the energy price cap ever been lower than it is now?
Yes, based on the headline figures published at the time.
For example, the cap was £1,042 in October 2020 and £1,568 in July 2024.
However, those figures used different typical household consumption assumptions, so they cannot be compared directly with today’s £1,723.
What will the energy price cap be in January 2027?
It has not been confirmed.
Ofgem is due to announce the figure on or before 25 November 2026.
As of 20 October, forecasts range from £1,999 from Cornwall Insight to £2,185 from British Gas.
That would represent a rise of approximately 16% to 27% compared with the current cap.
Our Verdict
The history of the energy price cap shows how closely household energy costs follow wholesale gas prices.
The 2022 to 2023 crisis produced the largest increases, with government intervention needed to soften the impact on households.
More recently, the cap has fluctuated within a narrower range, although the 2026 wholesale gas shock has pushed prices upwards again.
For January 2027, current forecasts suggest an increase of approximately £280 to £460 a year for a typical household.
Comparing fixed tariffs, reducing energy consumption and generating some electricity at home can all help limit exposure to future price increases.
Our guide to average monthly electricity bills with solar panels explains how solar generation can affect household electricity costs.
We’ll update this historical table when Ofgem confirms the January 2027 cap.
Sources
- Ofgem – Historical Energy Price Cap Levels
- Ofgem – April 2019 Price Cap Letter
- Ofgem – October 2019 Price Cap Letter
- Ofgem – April 2020 Price Cap Letter
- Ofgem – October 2020 Price Cap Letter
- Ofgem – April 2021 Price Cap Letter
- Ofgem – October 2021 Price Cap Letter
- Ofgem – April 2022 Price Cap Letter
- Ofgem – October 2022 Price Cap Letter
- Ofgem – January 2023 Price Cap Letter
- Ofgem – April 2023 Price Cap Letter
- Ofgem – July 2023 Price Cap Letter
- Ofgem – October 2023 Price Cap Letter
- Ofgem – October 2023 Restated Consumption Figures
- Ofgem – January 2024 Price Cap Letter
- Ofgem – July 2024 Price Cap Changes
- Ofgem – October 2024 Price Cap Changes
- Ofgem – January 2025 Price Cap Changes
- Ofgem – April 2025 Price Cap Changes
- Ofgem – July 2025 Price Cap Changes
- Ofgem – October 2025 Price Cap Changes
- Ofgem – January 2026 Price Cap Changes
- Ofgem – April 2026 Price Cap Changes
- Ofgem – July 2026 Price Cap Changes
- Ofgem – July 2026 Restated Consumption Figures
- Ofgem – October 2026 Price Cap Changes
- Ofgem – Price Cap Unit Rates and Standing Charges
- Ofgem – Typical Domestic Consumption Values
- Trading Economics – UK Natural Gas
- Uswitch – Next Energy Price Cap
- MoneySavingExpert – Energy Price Cap Predictions
- Cornwall Insight January Forecast – Global Banking & Finance
