What is the energy price cap?
The price cap sets a limit on the unit rates and standing charges on our variable standard tariff (currently known as So Flex). It is not a cap on your total energy costs - the more you use, the more you will have to pay.
The price cap is set by the energy regulator – Ofgem. Ofgem currently updates the price cap every 3 months. Each time the price cap changes, we write to all of our customers on So Flex to inform them of the upcoming changes.
Details about the current price cap can be found here on Ofgem's page. It's important to note that the figures you will see on that page are aggregated across the entire Great Britain. Actual pricing will differ based on your method of payment, your geographical location and wether you have a 1 rate or 2 rate electricity tariff.
For details and FAQs on the current upcoming Price Cap changes, go here.
How does the price cap affect you?
Increases or decreases in the price cap have an impact on how much energy suppliers can charge for their energy. If you’re a customer on our So Flex tariff or your fixed contract is due to end and you have chosen not to renew onto a fixed rate tariff, the price you pay for your energy will change in line with the price of wholesale energy. We’ll always let you know before there’s any change in what you’ll be paying. Our So Flex standard variable tariff will never be higher than the price cap set by Ofgem.
Should I fix my rates?
As your supplier, it’s not our place to tell you what you should do about your tariff, but we can tell you what your options are. If there is any fixed rate tariff at any point in time, you'll likely to see it on your online account where you can get a quote and switch to it. We can't promise that we'll have a fixed rate tariff available all the time due to the volatility of the energy market.
What happens when the variable tariff changes?
We’ll get in touch with you by email or by letter to let you know any changes in what you will be paying and what your options are in advance of any price changes.
In the communication that we send you, we'll estimate and amend your monthly payment for you automatically so that you know what to expect the following month.
In most circumstances, you can adjust your direct debit payments by logging into your online account here. You won't be able to lower your payments too much as we want to avoid you underpaying for your energy.
We understand that any increase in the cost of energy is concerning for many. If you'd like to seek independent advice:
Ofgem’s website has some great resources that cover more detail about the changing price cap.
The Government’s Money Helper website is also a useful resource.
Last updated: Tue, 5 Sep, 2023 at 1:05 PMPrint this page
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