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.
|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|
|October 2022 - January 2023||£3,549||£2,500||N/A (SVT capped at £2,500 under EPG)|
|January 2023 - April 2023||£4,279||£2,500||N/A (SVT capped at £2,500 under EPG)|
|April 2023 - July 2023||£3,280||£2,500||N/A (SVT capped at £2,500 under EPG)|
|July 2023 - October 2023||£2,074||£3,000||£2,488|
Highlighted rows denote the periods where the Energy Price Guarantee was subsidising customers' energy bills.
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.
You can read about previous price changes from other suppliers below:
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.
Find out which suppliers have increased or decreased their energy prices and how that affects your energy bills in 2023.Learn more
The Uswitch guide to Octopus Energy in 2023, with up-to-date information about price changes, customer reviews, and general supplier information.Learn more