If you’re on a fixed tariff, the price cap doesn’t affect you. Your current rates and charges will be locked in to the end of your contract.
If you’re on a variable tariff, the price cap does affect you. A price cap rise will be announced a couple of months before the rise is due to take affect. From then on, suppliers will be able to use the Price Cap as a guide for their variable tariff prices.
The price cap specifically applies to variable tariffs because these aren’t fixed against the volatility in the energy markets. Different suppliers can refer to these tariffs in a number of ways; standard variable tariff (SVT), non-fixed, etc. At Octopus our variable energy tariff is called Flexible Octopus.
If you’d like to confirm which tariff you’re on, and details like your current prices and contract dates, you can see them on your online account (scroll a little way down and look at the details below your property address).
You can read more about the energy price cap on Ofgem’s website here.
