Everything you need to do before energy price deadline looms
16.03.2022 - 13:27
/ manchestereveningnews.co.uk
Energy prices are set to soar next month and many householders are already feeling the squeeze on their purse strings as the overall cost of living continues to rise.
Shoppers are already seeing rises in petrol, food and other retail costs and from April 1, gas and electricity bills will increase by a record-breaking 54%. The rise is due to an increase in the energy price cap, which was announced by Ofgem, the energy regulator, earlier this year.
The price cap is the maximum amount a utility company can charge an average customer for their gas and electricity. The average household will see bills increase from £1,277 to £1,971, although the amount that prices will rise is dependent on how much energy Britons use.
Read more:Everything you need to know about the energy crisis if you are a British Gas customer
Prepayment customers will be worse hit, with a jump of £708 from £1,309 to £2,017, and that's without the possibility of further hikes, with wholesale gas prices increasing regularly. The price increase is due to a combination of a surge in demand for energy and a reduced supply.
Energy providers have already started contacting customers to inform them of the changes they will see to their bills, and what the energy price cap increase will mean for them. Energy bills won't rise immediately for customers on fixed rates but these households will still see a significant increase when their deal fixed ends.
Many of us will feel powerless and frustrated about what to do next. Is it easier to switch or to stay on the tariff you're on, or will be on? Find out what one E.ON customer is doing here. In light of the increasing cost of energy, we've compiled a checklist below on what you should be doing ahead of April 1.