Energy price cap: when does the price cap go up, how much will it cost in Glasgow, and what is it?

Ofgem announced in August that the energy price cap would be lifted in October, meaning that households across the UK will have to fork out hundreds of pounds more to heat their homes.

The cap was last lifted in April, going up by 54%, but things are set to get even worse later this year.

The price change also comes as we head into winter, when people are more likely to be reliant on heating to stay warm over the colder months.

Here’s everything you need to know about the energy price cap rise.

How much is the energy price cap going up by?

The price cap will rise by 80% in October - however, the price people will pay is different across all the UK regions.

For example, a typical household in Liverpool currently pays £84 a year more than a typical household in Newcastle.

The current price cap in southern Scotland, including Glasgow, is £1967.60 - £3.15 under the UK average.

The 80% rise in the price cap will see this increase to £3550.05 in October - £1.05 over the UK average.

It’s lower than people in North Wales and Merseyside will pay - their price cap in October will be £3615.15.

When does the energy price cap change?

The rise in the energy price cap will be introduced on October 1, 2022.

The price cap was last changed in April, however, from October, Ofgem says it will be changed every three months.

What is the energy price cap?

The price cap was created in 2019 by Ofgem, the regulator for gas and electric markets, in a bid to stop people on variable tarrifs being ripped off.

It sets a maximum to what people can be charged for gas and electric usage, and for the daily standing charge - which is what you pay to stay connected to the grid.

How high will the price cap rise in the future?

That depends on what measures new Prime Minister Liz Truss sets out.

In the meantime, moneysavingexpert is predicting that the cap will go up 52% in January and then 23% in April, before starting to fall in July 2023.