On 23 August 2024 Ofgem published the updated cap levels for charge restriction period (“cap period”) 13a, covering the three months from 1 October to 31 December 2024.1 Alongside the cap levels we have also published the updated versions of the cost allowance models. All figures in this letter reflect the latest (2023) Typical Domestic Consumption Values (TDCV)2.
"We are obliged to update the price cap level at intervals by applying updated inputs for items such as wholesale costs to the price cap formulae which have been determined by our previous decisions. That is what we have done today. In updating the price cap in this way, we are not making a policy decision or exercising a judgment. Alongside the cap levels, we have also published an options paper on standing charges, smart metering costs working paper and the decision on the extension to additional support credit bad debt cost allowance."
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