Customers with British Gas, EDF, OVO, Octopus Energy, E.On and 19 other energy companies will see price rises from today, April 1.
That’s because energy regulator Ofgem has increased prices for its standard variable tariff customers from today in the latest price cap, which runs from April 1 to June 30. Ofgem has put in place a 6.4% rise for the average gas and electricity dual fuel bills, which adds £111 to the average bills, taking the cost of an annual bill for a typical use household to £1,849 a year.
Whether you’re with British Gas, EDF, E.On, OVO or Octopus Energy, your bills will rise by 6.4% today if you’re not on a fixed tariff.
That’s why it’s vital to grab a cheaper fix with any of those above companies, or other smaller firms like Outfox The Market, in order to cut your bills.
The price cap is a ‘backstop’, a safety net to ensure that those who don’t switch to cheaper deals do not end up paying huge sums of money over the odds. But right now, customers not on a fixed deal can switch to a new, fixed tariff and immediately cut their bills. As well as cutting bills, the new deal will lock in your new price for the duration of the fix, so even if Ofgem raises prices again later in the year, you won’t see an increase.
These 24 energy companies listed on gov.uk are all part of the Ofgem price cap system and will raise prices for those on non-fixed standard variable tariffs today (though there may be other smaller suppliers not listed and those will also raise prices for those not on a fix).
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100Green (formerly Green Energy UK or GEUK)
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Boost
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British Gas
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E – also known as E (Gas and Electricity)
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Ecotricity
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E.ON Next
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EDF
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Fuse Energy
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Good Energy
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Home Energy
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London Power
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Octopus Energy
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Outfox the Market
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OVO
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Rebel Energy
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Sainsbury’s Energy
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Scottish Gas – see British Gas
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ScottishPower
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Shell Energy Retail
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So Energy
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Tomato Energy
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TruEnergy
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Utilita
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Utility Warehouse
Money expert Martin Lewis says that the current cheapest fixes are 13% below the April price cap, which would equal a saving of about £221.
He said, writing on MSE: “The Energy Price Cap, which two-thirds of homes in England, Scotland and Wales are on, moves every three months – and it will rise 6.4% on 1 April. As the current cheapest fixes are 7% below today’s price cap, they’re 13% cheaper than the average cost of April’s price cap, so use our cheapest fixes comparison to see what’s out there for you.
“However, it’s worth noting, things are looking a bit better in July and beyond – predictions change weekly but currently they indicate prices then will drop back to roughly what the current price cap is. After that, it’s harder to tell. So if that makes you nervous, at the very least, there’s a no-risk option, the EDF no-exit-fee fix, at 0.9% below the current cap (6.9% below April’s). So if prices do fall, you can leave penalty-free, whenever.”
