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Energy law update: Ofgem Q3 price cap, NESO licence consultation, Energy Act 2023 changes, CfD SIRs, CCUS revenue support, and key EU measures—30 May 2024

Published on: 30 May 2024

Published by a LexisNexis Energy expert
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Electricity and gas market regulation and licensing

Ofgem confirms energy price cap from 1 July to 30 September 2024

Ofgem has confirmed the energy price cap for the third quarter of 2024. Between July and September 2024, the typical household paying by direct debit will see the annual energy price fall to £1568, a £122 cut from the previous cap of £1690. The cap calculation uses a standing charge of £334 for a dual fuel customer, or £369 for those who pay via standard credit; these amounts are unchanged from the earlier cap period. Suppliers may set a lower standing charge on their default tariffs under the cap, but if they raise the unit rate above Ofgem’s assumed level they must demonstrate that the total cost to the consumer remains at or below the overall cap. See: LNB News 28/05/2024 42...

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