Ofgem’s Default Tariff Cap, better known as the energy price cap, sets a maximum rate that suppliers can charge for their standard variable or default tariffs. While this price cap currently stops suppliers charging more than £1,277 on average for standard variable tariffs, these are typically the most expensive type of tariffs and prices can rise when the cap is reviewed twice a year. When the price cap was previously changed in October 2020, the cheapest fixed tariff at that time was more than £200 cheaper than the price cap level. Find out more about the energy price cap in our guide.