For those who’re on a hard and fast tariff, the value cap doesn’t have an effect on you. Your present charges and expenses can be locked in to the top of your contract.
For those who’re on a variable tariff, the value cap does have an effect on you. A worth cap rise can be introduced a few months earlier than the rise is because of take have an effect on. From then on, suppliers will be capable of use the Worth Cap as a information for his or her variable tariff costs.
The worth cap particularly applies to variable tariffs as a result of these aren’t mounted in opposition to the volatility within the power markets. Completely different suppliers can refer to those tariffs in a variety of methods; normal variable tariff (SVT), non-fixed, and so on. At Octopus our variable power tariff known as Versatile Octopus.
For those who’d like to substantiate which tariff you are on, and particulars like your present costs and contract dates, you possibly can see them in your on-line account (scroll a bit of means down and take a look at the main points under your property handle).
You’ll be able to learn extra concerning the power worth cap on Ofgem’s web site right here.