Ofgem’s price cap rises by £63 on 1 October – the second increase this year. For a typical 3-bed semi using 12,000 kWh of gas and 2,900 kWh of electricity, the annual bill climbs to £1,923. That is a 6% jump, and every pence-per-kWh counts.
The Evening Standard reported this week that energy suppliers are urging households to submit meter readings before midnight on 30 September, as reported by London Evening Standard. The logic is simple: your supplier uses the reading to split your bill at the old rate for energy consumed before the cap rise, and the new rate for everything after. Skip it, and they estimate your usage – often overestimating, costing you more.
Who qualifies – and who doesn’t
Every household on a standard variable tariff (SVT) is affected. That is about 80% of UK homes, per Ofgem data from June. If you are on a fixed deal, your rate is locked until it ends. But check: fixed deals expiring in October may roll onto the SVT, so a reading still matters.
The £63 saving assumes a typical 3-bed semi. A 1-bed flat using 8,000 kWh of gas and 1,800 kWh of electricity saves about £42. A large detached house with 18,000 kWh of gas and 4,000 kWh of electricity saves closer to £85. The principle scales with consumption.
What this misses – the bigger energy story
The cap rise is driven by wholesale gas costs, which have climbed 12% since July. But the cap also includes network charges, policy costs, and supplier margins. Ofgem’s own analysis shows network charges are falling slightly – about £12 a year less – but that is dwarfed by the wholesale jump.
Yet the real story is that the price cap remains a blunt instrument. It protects households from extreme spikes, but it does nothing to reduce underlying demand. The Energy Saving Trust estimates that a typical semi-detached home loses 25% of its heat through the roof and walls. Insulating that home could cut gas use by 2,000 kWh a year – saving about £180 at current rates, or £240 after the cap rise.
The catch is that most households still lack basic insulation. The government’s Great British Insulation Scheme has reached only 300,000 homes since 2023, far short of its 2 million target. A meter reading saves you £63 tonight. Loft insulation saves you £180 every year.
How to submit – and what comes next
Most suppliers accept readings via their app, website, or automated phone line. You need your MPAN (electricity) and MPRN (gas) numbers – usually on your bill. Submit by midnight on 30 September. If you miss it, submit the next day anyway; some suppliers backdate if you can prove the reading is accurate.
Beyond tonight, the next cap review is in February 2025. Analysts at Cornwall Insight expect another rise of about 3% then, as winter demand pushes wholesale prices up. That puts the typical annual bill near £1,980 by March. The only hedge is efficiency: heat pumps, solar panels, and fabric upgrades. The Boiler Upgrade Scheme offers £7,500 off a heat pump. Solar panels pay back in 8-12 years at current rates.
Submit your reading by midnight. Then book a free home energy assessment from your local council or the Energy Saving Trust. The £63 is real. The £180 a year from insulation is real too.
Frequently Asked Questions
If you miss it, submit the reading as soon as possible after 1 October. Your supplier may still accept it and adjust your bill, but they are not obliged to. Some suppliers backdate if you can prove the reading is accurate – for example, by photographing the meter. To guarantee the saving, submit before midnight.
Not directly. Your direct debit is based on your estimated annual usage, not a single reading. But an accurate reading prevents your supplier from overestimating your usage and inflating your next bill or direct debit review. It also helps you spot if your direct debit is too high – you can request a refund if you're in credit.
