In case you’re on a fastened tariff, the worth cap doesn’t have an effect on you. Your present charges and expenses will probably be locked in to the top of your contract.
In case you’re on a variable tariff, the worth cap does have an effect on you. A worth cap rise will probably be introduced a few months earlier than the rise is because of take have an effect on. From then on, suppliers will be capable to use the Value 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 fastened in opposition to the volatility within the power markets. Totally different suppliers can refer to those tariffs in quite a lot of methods; customary variable tariff (SVT), non-fixed, and so on. At Octopus our variable power tariff known as Versatile Octopus.
In case you’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 method down and take a look at the main points under your property tackle).
You may learn extra concerning the power worth cap on Ofgem’s web site right here.
