Energy bills are going up £30. Not £221.

A walking tour through what today’s cap update actually says — the annualisation, the regulated charges at a record high, the new levy, and the shrinking “typical household.”

Ofgem announced today’s energy price cap update: a 13% rise, taking a typical direct-debit household from £1,641 to £1,862 per year. Every newspaper led with it. Every headline used the same figure: +£221.

That figure is misleading — not because Ofgem are doing anything wrong, but because the cap they announced only lasts three months. The £221 is the annualised figure. For the three months this cap actually covers — July to September — the average household will pay about £30 extra. Not £221.

That gap matters: for understanding what the press is actually telling you, and for what to watch out for when the next cap lands at the end of August. It’s also just the first of five findings from today’s update that none of today’s coverage picked up.

Here are the other four — and what they mean for your bill, this year and next.