Octopus price changes in 2023

Have Octopus prices risen in 2023?

So far in 2023, Octopus prices have gone down, not up. They've been following the pattern of wholesale energy prices, which have been dropping since the autumn of 2022.

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 will come back into force from July 2023 at a level of £2,074. 

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 this isn’t currently possible. However, with wholesale prices dropping, fixed deals may soon return to the market, albeit in limited quantities to start with. Confirm your details with Uswitch below so you’re ready to act as soon as deals are back.

Which energy suppliers have changed their prices in 2023?

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

• British Gas

• EDF Energy

• E.ON Next

• OVO

• ScottishPower

Will Octopus's prices rise in 2023?

Prices are going to come down in July as we've mentioned, but the energy price cap is now reviewed four times a year, so there's more opportunity for them to rise throughout the year. They're currently projected to rise again slightly in the autumn and winter, but nowhere near the levels we've seen over the autumn and winter of 2022.