Latest Price Cap Projection

Price Cap to increase by 1% in January 2025

We're expecting Ofgem to set the January 2025 Price Cap at £1,740 (an increase of £23). Current wholesale market conditions suggest the Price Cap will remain above £1,700 throughout 2025.

While this slight increase will have minimal impact on annual bills, prices are still significantly higher than pre-crisis levels. In response, we’ve observed a notable rise in customers switching to fixed tariffs, as suppliers introduce more competitive deals offering significant discounts below the cap.

Our latest projections for the next four Price Caps:

• 1st Jan to 31st Mar - £1,740 
• 1st Apr to 30th Jun - £1,740 
• 1st Jul to 30th Sep - £1,700 
• 1st Oct to 31st Dec - £1,700 

These figures are rounded to the nearest £10 due to wholesale-driven uncertainty, and represent the average bill across Great Britain for a dual fuel customer with medium consumption, paying by direct debit.

(Updated 21 November 2024)

BFY Group is one of the UK’s fastest-growing management consultancies, trusted by clients across the energy, utilities, and private equity sectors to deliver exceptional results.

Since our founding in 2004, we’ve been proud to remain an independent, privately owned firm based in Nottingham, supporting clients throughout the UK.

Working with 75% of the UK energy retail market and an expanding number of water suppliers, we help our clients to overcome their toughest challenges, realise new opportunities, and achieve lasting results.

We’re proud of the recognition we've received for our growth and impact. We’ve been named one of the UK’s Leading Management Consultants by the Financial Times, featured in The Sunday Times Hundred as one of the fastest-growing private companies, and earned multiple Best Workplaces awards. Ian Barker, our Managing Partner, also made The LDC Top 50 Most Ambitious Business Leaders list in 2024.