The average household bill will drop by £238 a year due to the changes, but some might not get full savings in their April bill unless they take crucial steps.
That involves taking and submitting meter readings by Monday.
(If you have a pre-paid or smart meter, stop reading - you can kick your feet up and relax.)
British Gas extends scheme that gives customers half price electricity every Sunday
British Gas previously said its PeakSave Sundays would end today (February 29) but it has now issued an update, and said it will now run every Sunday, between 11am to 4pm, until March 31
Energy suppliers who can install prepayment meters without permission, has recently restarted.
E.ON – restarted on 21 February 2024 EDF – restarted on 8 January 2024 Octopus – restarted on 8 January 2024 Scottish Power – restarted on 8 January 2024 Tru Energy – restarted on 21 February 2024 Utility Warehouse – restarted on 26 February 2024
After restarting involuntary installations
Energy suppliers must send us regular information so that we can monitor the way that they are installing prepayment meters without a household’s permission. This will help us spot any concerning trends. If we do have concerns, we will take action which could be enforcement action such as large fines.
Support if you’re in debtIf you are struggling to pay your energy bills you should contact your energy supplier as soon as possible. You could also get a grant or other benefits depending on your situation. Find out how to get help if you cannot afford your energy bills.
Smart meters to be fixed for free after rash of breakdowns - Eight suppliers covering 60pc of the energy market have signed up for Ofgem’s new free repair scheme so far. They are E, E.ON, Good Energy, Octopus, Ovo, Scottish Power, Utilita and Utility Warehouse. (so far) Info here
23/02/24
The energy price cap will fall to £1690 from April, Ofgem has announced.
This means a reduction of £238 (12%) from the current cap, £1,928 a year for a typical household
Octopus Energy: Bills will fall in April, says boss - The boss of Octopus Energy says bills will fall this April as providers have already paid for the gas.
Speaking to the BBC at the World Economic Forum in Davos, chief executive Greg Jackson said the new energy price cap will be \"hundreds of pounds lower\" than current levels.
He added that gas supplies had been secured in advance of the winter months. This has led to lower wholesale prices, Mr Jackson said.","comment":[{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/49659809","author":{"@type":"Person","name":"guli"},"datePublished":"2023-02-27T21:37:35.000Z","text":"Ignore all the smoke and mirrors about price caps, typical bills and discounts. This is what you need to to know if you are not on a fixed price tariff, i.e. vast majority of us.
Pre April 1st Gas 10p/kWh with standing charge (SC) 28p day. Post April 1st Gas 13p/kWh with SC 29p/day. So gas prices are up around 30%
Pre April 1st Electricity 34p/kWh with standing charge (SC) 46p/day. Post April 1st Gas 51p/kWh with SC 53p/day. So electricity prices are up around 50%.
Plus on 1st April you lose you Government support payments.
If you are an average electricity user using 2700 kWh your bill will increase from approx £1086 to £1570.
If you are an average gas user using 12000 kWh your bill will increase from approx £1302 to £1666.
Total average bill rising from approx £2400 to £3250.
ofgem.gov.uk/pub…ate"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47497664","author":{"@type":"Person","name":"sm9690"},"datePublished":"2022-05-24T12:08:48.000Z","text":"Ofgem not fit for purpose. They're ruining millions of lives"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48465803","author":{"@type":"Person","name":"deleted2829226"},"datePublished":"2022-10-17T19:26:00.000Z","text":"Non-Chinese branded Solar Panels are our best way out of this mess. Here are the brands you must insist on as part of your quote - if your installer refuses, run the other direction, as they are not interested in supplying you with quality components.
1) Panels - Sharp, Hyundai, Solarwatt, REC, Panasonic, Sunpower or Aleo 400W panels only. 2) Inverters - SolarEdge, GivEnergy, SMA, Kaco, Siemens, Scheider, Fronius or Enphase inverters only 3) Optimizers - SolarEdge or Tigo only. 4) Battery - LG, SolarEdge, GivEnergy, MyEnergi Libbi or Tesla only. 5) Hot Water Diverter - MyEnergi Eddi 6) EV Charger - MyEnergy Zappi
Avoid JA Solar, Trina, Jinko, Suntech, Growatt, Pylontech Fox, Solis etc. as these are all very poor quality products from the Far East. Warranty papers aren't worth using as a loo roll.
No real need for a battery if you sell to Octopus via their Outgoing Agile tariff. Use the money for insulation or a heat pump instead."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47497634","author":{"@type":"Person","name":"dc89"},"datePublished":"2022-05-24T12:02:48.000Z","text":"Absolutely disgusting.
No doubt another huge increase to standing charges thrown in for good measure."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47498428","author":{"@type":"Person","name":"Immoraliste"},"datePublished":"2022-05-24T14:15:51.000Z","text":"
Wholesale prices have dropped though as per the screenshot in one of the …Wholesale prices have dropped though as per the screenshot in one of the comments above
Wholesale prices for delivery now have dropped (due to a glut of LNG transported to UK from US as a response to the previous ridiculous price signal). The problem is we can't store it because successive governments didn't want to invest in / pay for the maintenance of the facilities, so UK storage is 4 days of winter demand. There isn't capacity to pipe that product on to Europe, and there aren't enough regasification facilities in Europe to process this extra LNG from the tankers, so the UK and European spot prices have diverged.
It's cheap right now because the product has nowhere to go: we don't need much because it's summer, but we don't have the storage capacity to keep it for when we do need it in winter, and it can't go to where there is storage in Europe because there isn't enough infrastructure in place. Because we have no storage, come winter when we need gas again, we'll have to pay the high wholesale market prices again."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47497776","author":{"@type":"Person","name":"dorey69"},"datePublished":"2022-05-24T12:26:08.000Z","text":""},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47497652","author":{"@type":"Person","name":"Dan_82"},"datePublished":"2022-05-24T12:06:37.000Z","text":"
Absolutely disgusting. No doubt another huge increase to standing charges …Absolutely disgusting. No doubt another huge increase to standing charges thrown in for good measure.
I agree it's a total shambles! As you say, the standing charge is likely to increase alongside i guess "},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48100358","author":{"@type":"Person","name":"Scrooge_McDuck"},"datePublished":"2022-08-26T12:33:13.000Z","text":"If you really want a depressing read, check this news article out from nearly two decades ago. This was a long time coming and successive governments ignored it.
news.bbc.co.uk/1/h…stm"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48103419","author":{"@type":"Person","name":"martinwallis"},"datePublished":"2022-08-26T19:48:42.000Z","text":"Wish they'd stop banding this £3489 figure around, it means nothing and only confuses people. The £3549 total is based on an imaginary average household that uses X amount of kWh per year. The price cap actually relates to the cost (£) per kWh. So many people think their bill can't go over £3549, 3549 isn't the cap don't forget that. They need to stat reporting the cap per kWh to stop confusing people."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48199542","author":{"@type":"Person","name":"Jay_Ma"},"datePublished":"2022-09-10T06:36:15.000Z","text":""},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47497712","author":{"@type":"Person","name":"Md_Yusuf_Islam"},"datePublished":"2022-05-24T12:15:19.000Z","text":"I am seriously starting to despair"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47959553","author":{"@type":"Person","name":"EQL"},"datePublished":"2022-08-04T16:52:14.000Z","text":"I liked this on optimising the combi boiler return flow temperature: \"Save up to 8% on your gas bills, by turning down the 'flow' temperature\" theheatinghub.co.uk/art…ure I implemented it on my own boiler. And when on holiday in a rented flat, I found the owner had already optimised their boiler in a similar fashion."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48100755","author":{"@type":"Person","name":"Legendkiller2k"},"datePublished":"2022-08-26T13:31:30.000Z","text":"The shower is poor advice as a shower can actually costs more than a bath for example for me a 5 minute shower costs 32p as it is electric, whereas a bath will cost me 12p as the hot water is heated by gas so be careful on that shower advice."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48194884","author":{"@type":"Person","name":"tiff2511"},"datePublished":"2022-09-09T13:21:11.000Z","text":"A big help would be a decent scheme to help individuals put solar panels on their roof. We become less reliant on external sources! Most with solar panels send back to the grid (although far less in Winter), so the government would still be benefiting."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48198742","author":{"@type":"Person","name":"deleted2684426"},"datePublished":"2022-09-09T22:16:36.000Z","text":"If you’re on a pre-payment meterFor GB pre-payment meter customers, the Energy Price Guarantee will be applied to the rate you pay for each unit of energy, so the money you put on the meter will last longer than would otherwise have been the case this winter.
As is the case with the ‘price cap’ under the Energy Price Guarantee there will continue to be a small difference between the unit cost for a pre-payment meter customer and other bill payers.
If you’re on a standard variable tariffThe average unit price for dual fuel customers paying by direct debit will be limited to 34.0p/kWh for electricity and 10.3p/kWh for gas, inclusive of VAT, from 1 October.
These unit prices have been passed to suppliers to ensure that they are used to calculate bills on time for 1 October.
Energy suppliers will adjust standard variable tariffs automatically. Customers on standard variable tariffs do not need to take any action to get the benefits of this scheme.
If you’re on a fixed tariffIf you’re on a fixed tariff at a higher rate caused by recent energy price rises, your unit prices will be reduced by 17p/kWh for electricity and 4.2p/kWh for gas.
These unit prices have been passed to suppliers to ensure that they are used to calculate bills on time for 1 October.
Energy suppliers will adjust fixed tariffs automatically. Customers on fixed tariffs do not need to take any action to get the benefits of this scheme.
Standing chargesAverage standing charges will remain in line with the levels set by Ofgem for the default tariff cap from 1 October, at 46p per day for electricity and 28p per day for gas, for a typical dual fuel customer paying by direct debit. gov.uk/gov…022"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/50228431","author":{"@type":"Person","name":"Dan_82"},"datePublished":"2023-05-22T13:47:37.000Z","text":"Energy bills for a typical household are expected to fall by nearly £450 from July, according to new forecasts.
Consultancy firm Cornwall Insight predicts bills could drop by as much as £446 under a new official price cap set to be announced by Ofgem on 25 May.
A typical user pays no more than £2,500 a year for their energy because of the Government's Energy Price Guarantee.
-------
I will update when announced "},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/50808193","author":{"@type":"Person","name":"Dan_82"},"datePublished":"2023-08-18T07:53:43.000Z","text":"Ofgem will likely announce a drop in the energy price cap next Friday (25th August), ahead of the change being implemented in October, meaning consumer bills will fall for the second time this year.
According to Cornwall Insight analysts, the new cap – which determines how much suppliers can charge per unit of energy – will fall from £2,074 currently to £1,871 on October 1.
Though this figure is what an average household would pay over the course of a year under the pricing mechanism, the new cap will see suppliers charging less per unit of gas and electricity.
Source"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/52482522","author":{"@type":"Person","name":"Misslovely"},"datePublished":"2024-03-29T14:52:33.000Z","text":"Yea summit the meter reading so you pay the higher price instead of getting away with few weeks calculation on the cheaper rates! Good advice on a money saving forum"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48088046","author":{"@type":"Person","name":"Jay_Ma"},"datePublished":"2022-08-24T20:05:04.000Z","text":""},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48187058","author":{"@type":"Person","name":"Jay_Ma"},"datePublished":"2022-09-08T11:02:21.000Z","text":"What’s the rates of each energy please based on today’s announcement ??"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/50245611","author":{"@type":"Person","name":"Social_Solutions"},"datePublished":"2023-05-25T07:45:08.000Z","text":"I see massive figures quoted and substantial headlines coming but I've kinda worked this out ahead of time.
Its all about the price per unit. I'm a high energy user so this would always be way more than any headline figure.
BUT.
Let's say the unit price is about 50p (Which I believe it is, pre-cap)
Sensation headline: ENERGY PRICES FALL BY 40%!!!!!!
That means the unit price is now 30p per unit, or, JUST 10% less than what we're paying now.
This will save taxpayer (gov't) cash, but we won't actually see much at all.. My £240/mo bill could see £220/mo. For a 40% sensational headline.
Now let's wait for the headlines as I predict? "},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/50245948","author":{"@type":"Person","name":"mark9915"},"datePublished":"2023-05-25T08:44:18.000Z","text":"My fixed runs out in Aug but is there a way of working out the unit cost for the new cap? I know my usage but simply saying the cap is £2074 isn’t particularly helpful as it’s simply an indicative number for an ‘average’ user."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47498854","author":{"@type":"Person","name":"joyf4536"},"datePublished":"2022-05-24T15:30:39.000Z","text":"
According to OFGEM, wholesale costs only contribute about one third …According to OFGEM, wholesale costs only contribute about one third towards the cost of a duel fuel energy bill. The government takes about one fifth of the total bill with various taxes.The first step should be to remove the taxes.
Or the government"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/52468600","author":{"@type":"Person","name":"Dan_82"},"datePublished":"2024-03-27T11:49:32.000Z","text":"Why you need to submit a meter reading this week?
We've been banging on about Monday's energy price cap change for some time - and for good reason.
The average household bill will drop by £238 a year due to the changes, but some might not get full savings in their April bill unless they take crucial steps.
That involves taking and submitting meter readings by Monday.
(If you have a pre-paid or smart meter, stop reading - you can kick your feet up and relax.)
Source"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48195507","author":{"@type":"Person","name":"Jonwillis"},"datePublished":"2022-09-09T14:41:43.000Z","text":"Still a bit lacking in information but
Replacing the price cap with a new Energy Price Guarantee
The Energy Price Guarantee will ensure that a typical household in Great Britain pays an average £2,500 a year on their energy bill, for the next 2 years, from 1 October 2022.
The consumer saving will be based on usage, but a typical household will save at least £1,000 a year (based on current prices from October). Energy suppliers will be fully compensated for the cost of the Energy Price Guarantee.
If you’re on a fixed tariff
If you’re on a fixed tariff, the Energy Price Guarantee will protect you in the same way that it protects standard variable tariff (SVT) customers.
Energy suppliers will adjust fixed tariffs automatically. Customers on fixed tariffs do not need to take any action to get the benefits of this scheme."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48684295","author":{"@type":"Person","name":"RoosterNo1"},"datePublished":"2022-11-14T13:24:20.000Z","text":"It's another Trojan horse to get smart meters installed...."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48753217","author":{"@type":"Person","name":"MrCharlie"},"datePublished":"2022-11-20T10:15:18.000Z","text":"I know a few of you mentioned that you can't get certain grants or benefits as your gross salaries are just over 30k or just over 50k.
Basically you can use salary sacrifice to your companies pension scheme to bring your salary under the thresholds.
Bear in mind any non ISA savings interest also forms part of your gross yearly income, so adjust for that as well.
Obviously it depends on your individual circumstances etc and if you can afford to sacrifice some of your salary.
You be surprised how many people don't use this method, which is a totally legit way of being tax efficient as well.
More info here:
which.co.uk/mon…qlp"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48198523","author":{"@type":"Person","name":"OliverDickins"},"datePublished":"2022-09-09T21:41:55.000Z","text":"Does anyone happen to know what the prices are going to be capped at? (per Kwh, not this \"£2500 per typical household\" rubbish). tyvm."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48551287","author":{"@type":"Person","name":"Dan_82"},"datePublished":"2022-10-29T09:00:07.000Z","text":"Octopus has announced that it will acquire Bulb.
This means that, subject to the deal receiving final approvals, and after a migration period, Bulb members will become part of Octopus. Read more on our blog:
Bulb members don’t need to take any action. Bulb will operate as usual until all customer accounts are transferred. There’s no change to your supply, and your credit balance is protected. If you pay for your energy by top-up, your top-ups are working as normal."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/49767773","author":{"@type":"Person","name":"MadMax14"},"datePublished":"2023-03-15T13:12:10.000Z","text":"Confused with the Energy Bill Support - what I heard on news and what I am reading here. Are we going to get the £67 from April till end of June?"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/50245931","author":{"@type":"Person","name":"eset12345"},"datePublished":"2023-05-25T08:40:51.000Z","text":"30p a unit when it was 12p a unit when wholesale costs were higher.
Profiteering with the help of ofgem and their government buddies "},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48102705","author":{"@type":"Person","name":"ukryan"},"datePublished":"2022-08-26T17:53:04.000Z","text":"Was using about 7-8 units of electric a day. 3 days ago I decided to do the following:
*Kettle, Microwave, Toaster, Printer, Computer monitor, speakers & Computer all cut from mains unless in use.
My units have dropped to about 4/5 units in a 24hr period. Genuinely surprised it actually had an effect."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/48287342","author":{"@type":"Person","name":"umair007"},"datePublished":"2022-09-23T17:26:39.000Z","text":"Just came across utility warehouse supplier a bit cheaper than my current provider that I inherit when I recently moved into the property, doing maths looks uw will be cheaper...but haven't had much experience with switching. any advise or experience with uw anyone?"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/50854579","author":{"@type":"Person","name":"Dan_82"},"datePublished":"2023-08-25T06:05:26.000Z","text":"Average energy bill to fall below £2,000 for first time since early 2022
The energy regulator has confirmed a cut to its price cap that will see average household bills come down this autumn, as experts continue to warn of hikes to come during the winter months.
Ofgem said the typical household paying by direct debit for gas and electricity faced an annual charge of £1,923 from October to December
The price a supplier can charge for gas is falling from 6.9p to 6.89p per kilowatt hour (kWh) - with the cost of electricity dropping from 30.1p per kWh to 27.35p.
The reduction is largely explained by weaker wholesale prices.
The price cap would have been lower still, by a further £100, if it had reflected a looming Ofgem calculation that gives a nod to reduced energy use.
Ofgem chief executive Jonathan Brearley said: \"It is welcome news that the price cap continues to fall, however, we know people are struggling with the wider cost of living challenges and I can't offer any certainty that things will ease this winter.\"
However, there are warnings from industry forecasts that peak winter will likely see bills rise back above the £2,000 mark.
Source"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/52026017","author":{"@type":"Person","name":"pekoz1"},"datePublished":"2024-01-20T08:21:57.000Z","text":"I was amazed to see Utility Warehouse at the top of that list!
I work for an estate agent and we had a rental property (a flat above a shop) with Utility Warehouse Business. I spent 6 months dealing with them to get a simple bill repriced ....it took them about 4 attempts and 6 months to get close to correct. Each calculation took a month....true! In the end I gave up and paid up when they got 'close enough' to the correct figure just to get away from them.
Customer Service I would class as shocking....as a Business customer normally you would expect CS to be better/faster than residential. ba
So Im not sure if Residential is better but I wouldnt choose to use them personally on previous experience."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47498512","author":{"@type":"Person","name":"Gingerdan"},"datePublished":"2022-05-24T14:29:49.000Z","text":"Until it affects those in government they’ll do naff all about it. Our chancellor is allegedly paying £13,000 per year heating his swimming pool. Him and his wife are worth an estimated £200million. This guy has no clue about how the majority of the country live and pay for things yet he’s chancellor!! Absolute shambles of a government"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47497845","author":{"@type":"Person","name":"Adam2050"},"datePublished":"2022-05-24T12:37:25.000Z","text":"Not like the government could price cap or anything...."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47498221","author":{"@type":"Person","name":"Justsuperman"},"datePublished":"2022-05-24T13:46:06.000Z","text":"If this carries on there will be serious riots. no one can afford nearly £3,000 a year just on electric and gas. it’s absolutely ridiculous already. I’ve gone from £2 a day to £5 a day as I was locked into a 18 month sse V11 online deal. and it’s absolutely ridiculous £200 a month now on the standard tariff"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47497871","author":{"@type":"Person","name":"epic.mushroom"},"datePublished":"2022-05-24T12:41:14.000Z","text":"
I feel that us as end users are having to compensate Energy companies for previous bad buying management. And while some people make this ALL about the UK government, I'm regularly speaking with people around all of Europe & the same is happening there too."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/47498331","author":{"@type":"Person","name":"DevilsNeverCry"},"datePublished":"2022-05-24T14:01:03.000Z","text":"Meanwhile, energy companies are making record £billions in profit, and admitting they don't know what to do with all the money.
Yet, when the price cap comes in, all of our prices will be hiked right to the absolute limit of that cap - setting up even greater levels of profit for years to come and all the while we suffer.
At least the government regulator will step in to help.
Oh wait, no, they're just on the cusp of introducing measures that mean price caps will change (aka grow) EVEN MORE frequently, meanwhile wiping out the possibility for competition on energy prices as they impose harsh charges on firms wanting to attract new customers."}],"commentCount":7974,"interactionStatistic":1324,"articleSection":"Misc"}