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Ofgem may be cutting prices this winter, but you can still save more
Last month, Ofgem announced it would be reducing the price cap for the upcoming winter from October 1 to March next year, and 15 million households in Britain breathed a sigh of relief.
Thanks to lower wholesale energy costs, 11 million households on standard variable tariffs will see their price cap reduced by £75. As for the 4 million homes on prepayment meter tariffs, their price cap will be reduced by £25 during the same six-month period.
Although the price cap reduction is sure to leave these 15 million households better off than they were at the start of the year, there is a broader view of energy costs that isn’t as rosy as initially thought.
Recent data from Compare the Market, which extracted data from a parliamentary briefing paper** compiled historical data of average gas bills and electricity bills from as far back as 1990.
The results revealed that since 1999, household fuel bills have been steadily rising. Adjusting for current inflation rates, the average energy bill then was £1,153; this is £101 less than the current average fuel bill.
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These inevitable price rises are a result of rising network costs, the need to replace inefficient power stations, funding for energy efficiency grants, essential infrastructure costs, and other necessary charges for ensuring a steady energy supply across Britain. Although these fees are requisite costs for maintaining our country’s energy needs, that doesn’t mean you need to shoulder such costs on your own energy bills
At Yours Switching, we can help you find a fixed rate tariff that protects you from price rises. With the help of our experienced price comparison partner energyhelpline, our switching service will provide the best deals from every available supplier. All you have to do is call us or go online to get a quote within five minutes, and our advisors will do the rest.
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Don’t worry, getting a quote doesn’t mean you’re committed to switching there and then. We’re here to provide the best possible deals for you and that means you can take the time to make an informed decision. Once you’ve decided, just let us know and we’ll handle the rest.