Energy Price Guarantee from April

The Government’s Energy Price Guarantee will continue at the current level until July (by which time we predict prices will fall)
• The Government’s Energy Bill Support Scheme finishes this month. For most, this will mean an increase of £67 to monthly payments, but we think you can leave your payments where they are for now.
• Prices are changing slightly in April, due to changes in the Ofgem price cap (details attached)
• You’ll continue to receive discounted Octopus standing charges: we’re the only large supplier to set them below the cap throughout the energy crisis.

The Government recently announced some welcome news: the planned rise of the Energy Price Guarantee to £3,000 (for a typical home) will now be delayed to July.

This is a good result — and one we’ve been working hard on behind the scenes.

It’s important because, while wholesale costs have fallen a long way from their peaks in August (at one point, 14 times the normal level), they are still 2-3 times the historic rates.

However, based on current forecasts, we expect that by July prices should fall below the typical £2,500 Energy Price Guarantee Guarantee level — and we’ll pass these reductions on as soon as it’s possible.

Due to the way Ofgem’s Energy Price Cap is calculated, rates will change slightly from April 1. There’s more information about this here.

These fluctuations amount to around £3 a month change to typical bills — some regions up, some down. You’ll find a full personalised breakdown attached.

Also from April, the Energy Bill Support Scheme — that’s the monthly £66-67 credits from the Government over winter — is coming to an end. Based on your current balance and payments, we won’t automatically increase your payments to account for the end of this government payment support.

We’ll continue to monitor your cost and usage, and we’ll reach out with a suggested change if it looks like you’re paying too much, or too little.