Have Octopus prices risen in 2024?
So far in 2024, Octopus prices have gone increased once in line with a rise in the energy price cap.
When we talk about energy prices going up and down, we usually mean the prices of standard variable tariffs, which aren’t fixed and can change depending on wholesale market conditions. The amount suppliers can charge per unit of energy used on a standard variable tariff is limited by the Ofgem energy price cap and, more recently by the government’s Energy Price Guarantee which was introduced as a more extreme version of the price cap to further protect standard variable tariff customers from prohibitively high energy prices.
However, over the past few months wholesale prices have dropped far enough that the Energy Price Guarantee will be stopped and the price cap came back into force from July 2023 at a level of £2,074. It then lowered again to £1,834 but has since risen to £1,928 for the period from January to April 2024.
| Time period | Price cap level | Energy Price Guarantee level | Octopus standard variable price |
|---|---|---|---|
| April 2019 - October 2019 | £1,254 | N/A | £1,029 |
| October 2019 - April 2020 | £1,179 | N/A | £1,009 |
| April 2020 - October 2020 | £1,162 | N/A | £978 |
| October 2020 - April 2021 | £1,042 | N/A | £964 |
| April 2021 - October 2021 | £1,138 | N/A | £1,032 |
| October 2021 - April 2022 | £1,277 | N/A | £1,225 |
| April 2022 - October 2022 | £1,971 | N/A | £1,921 |
| July 2023 - October 2023 | £2,074 | £3,000 | £2,488 |
| October 2023 - January 2024 | £1,834 | £3,000 | £1,819 |
| January 2024 - April 2024 | £1,928 | £3,000 | £1,913 |
Highlighted rows denote the periods where the Energy Price Guarantee was subsidising customers' energy bills.
Can I do anything about Octopus price rises?
If you’re on a standard variable tariff with Octopus, you’d usually be able to switch to a fixed tariff to avoid price rises, but there aren't many deals currently available. See what you might able to switch to by comparing energy prices below.
Which energy suppliers have changed their prices in 2024?
You can read about previous price changes from other suppliers below:
Will Octopus's prices rise in 2024?
The next energy price cap level is currently projected to drop. It will be announced in February 2024 to come into effect in April.
