Energy regulator Ofgem has announced the new price cap that will take effect from October 1 for domestic energy consumers on standard variable tariffs.
The average dual-fuel UK household would be paying around £1,717 per year for its energy under the new cap, a rise of £149 or just under 10% on the £1,568 under the current price cap. This will, of course, vary depending on actual usage. Consumers who haven’t opted for alternative tariffs will pay daily standing charges of 60.99p and 31.66p for electricity and gas, respectively, and unit rates (per kWh) of 24.5p and 6.24p.
Ofgem’s chief executive, Jonathan Brearley, said the organisation was aware that:
“…this rise in the price cap is going to be extremely difficult for many households. Anyone who is struggling to pay their bill should make sure they have access to all the benefits they are entitled to, particularly pension credit, and contact their energy company for further help and support.”
He urged people to look around for better deals and perhaps consider switching to a tariff with fixed prices. Energy research firm Cornwall Insight is currently predicting that the price cap will rise again modestly at the start of next year.
With energy prices about 50% higher than they were in pre-crisis times, it’s a good idea to ensure your heating system is working efficiently before the colder weather arrives. Xgas can provide heating engineers in Chester and other locations around the Wrexham area, so get in touch to learn more.