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British Gas price changes in 2023

Find out how British Gas energy prices have changed in 2023 and what it means for you.
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Have British Gas energy prices risen in 2023?

To date in 2023, British Gas's energy prices have actually gone down rather than up.

Like most energy suppliers in the UK, British Gas standard variable tariffs have been subject to Ofgem's energy price cap since its introduction at the beginning of 2019. This cap sets the maximum price suppliers can charge for their standard variable tariffs, which are typically the most expensive tariffs on offer. It does this by monitoring wholesale energy prices, which dictate the cost for suppliers to buy energy, and caps the amount they can then charge for it via unit rates. Fixed deals have historically been cheaper than standard variable tariffs, so most customers have regularly switched and fixed. British Gas has tended to price its standard variable tariff at around the level of the price cap since its introduction.

For most of the cap's lifetime, its level didn't change significantly in either direction as wholesale energy prices remained fairly stable. However, in the autumn of 2021, prices rocketed, and ultimately so did the level of the price cap.

Over time, customers' fixed deals ended but because suppliers weren't offering new fixes to switch to, they were rolling on to the standard variable tariff, which was becoming prohibitively expensive. As of May 2023, there are over 25 million households stuck on standard variable tariffs. The government therefore introduced the Energy Price Guarantee, which effectively worked as a proxy price cap set at £2,500 per year for average use households paying by direct debit. Now, though, the price cap has been set at £2,074, so the Energy Price Guarantee will move back (while still running in the background at a higher level of £3,000) and the price cap will set the unit rates of standard variable tariffs again.

The table below shows how the price cap and Energy Price Guarantee have defined British Gas's standard variable tariff prices over the years.

Updated 25 May 2023
Time periodPrice cap levelEnergy Price Guarantee levelBritish Gas standard variable price
April 2019 - October 2019£1,254N/A£1,254
October 2019 - April 2020£1,179N/A£1,177
April 2020 - October 2020£1,162N/A£1,158
October 2020 - April 2021£1,042N/A£1,041
April 2021 - October 2021£1,138N/A£1,138
October 2021 - April 2022£1,277N/A£1,277
April 2022 - October 2022£1,971N/A£1,971
October 2022 - January 2023£3,549£2,500N/A (SVT capped at £2,500 under EPG)
January 2023 - April 2023£4,279£2,500N/A (SVT capped at £2,500 under EPG)
April 2023 - July 2023£3,280£2,500N/A (SVT capped at £2,500 under EPG)
July 2023 - October 2023£2,074£3,000TBC

Highlighted rows denote the periods where the Energy Price Guarantee was subsidising customers' energy bills.

Do I need to do anything about British Gas price rises?

All customers on a British Gas standard variable tariff will be impacted by price rises or drops.

If you're on a fixed deal from British Gas, your rates will remain fixed for the remainder of the contract. But remember that you'll automatically be rolled onto a standard variable tariff when your fixed deal ends. Unfortunately, there isn't much chance of finding a cheaper deal than the price cap level with wholesale prices as high as they are.

Which energy suppliers have changed their prices in 2023?

Energy suppliers' prices are currently capped by the Energy Price Guarantee until July 2023.

You can read about previous price changes from other suppliers below:

Will British Gas prices rise in 2023?

The energy price cap is reviewed four times a year in February, May, August and October, so there is time for prices to go up. They're due to come down from July, but at the moment they're predicted to rise again slightly in the autumn and winter.

Find out about British Gas, including British Gas customer satisfaction reviews, on Uswitch's dedicated British Gas supplier page.

Read more:

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British Gas Reviews, Prices & Tariffs - Uswitch

The Uswitch guide to British Gas in 2023, with up-to-date information about price changes, customer reviews, and general supplier information.

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How do I read my British Gas bill? - Uswitch

No need to be confused by your British Gas energy bill. We break down an example bill to help you read your energy bill and cut through the confusion.

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Discover why 2023 energy price changes affect energy bills - Uswitch

Find out which suppliers have increased or decreased their energy prices and how that affects your energy bills in 2023.

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