The regulator Ofgem announces that the energy price cap will rise - but how does it work?
All suppliers have these, so the simplest way to save is to contact your existing supplier and ask to be moved to its lowest-priced fixed deal.Jonathan Brearley, chief executive of Ofgem, said people "can reduce their energy bills further by shopping around for a better deal".It's simple to switch using an energy comparison site - all you'll need is your postcode, the name of your current supplier, and the name of your current tariff.
Standard tariffs are variable, which means energy companies can increase - or decrease - the rate they charge you at any time.Getty ImagesIt was introduced by Ofgem in 2019 to help consumers struggling with the increasing costs of heating and powering their homes. Before its introduction, energy users who stayed with the same supplier on a standard variable tariff were at the mercy of suppliers who could set prices as high as they wanted. They were often accused of not passing on lower prices.
It left many millions of customers paying up to £300 more a year than people who had switched to a cheaper supplier or fixed tariff.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Millions to see energy bills rise by up to £139 as Ofgem hikes price capThe sharp rise, which will impact half the population who are on variable or default rates and prepayment meters, is mainly a result of an increase in wholesale fuel costs, especially gas, according to the regulator.
Read more »
Hike in energy bills underlines continued reliance on dirty fossil fuelsWind and solar power is expanding rapidly but is a long way off offering a safety net from price peaks for traditional, polluting energy sources, which remain deeply entrenched.
Read more »
Energy prices rise again for millions of householdsGas and electricity costs to rise by an average of £139 for around 11 million households in Britain, as price cap is raised
Read more »
Millions to see energy bills rise by up to £139 as Ofgem hikes price capThe sharp rise, which will impact half the population who are on variable or default rates and prepayment meters, is mainly a result of an increase in wholesale fuel costs, especially gas, according to the regulator.
Read more »
Meghan Markle’s best quotes on motherhood'It's magic, it's pretty amazing,’ said Meghan, when her daughter Lilibet was born
Read more »
Energy prices rise again for millions of householdsGas and electricity costs to rise by an average of £139 for around 11 million households in Britain, as price cap is raised
Read more »