Energy prepay cap to save customers £80, announces Ofgem

An energy price cap, which will be updated every six months, comes into effect in April.
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  • Energy regulator Ofgem has announced that it will be lowering the level of a temporary price cap on prepayment meters which was first introduced in April. The move will mean a bill reduction of up to £19 a year for three million customers who rely on prepayment meters for their energy, following on from a £80 drop when the cap first came into force. Ofgem initially introduced the cap to help alleviate pressure on customers who pay up-front for their energy at a time when many suppliers were implementing significant price hikes. Prepayment meters are often installed when a household struggles to pay for their gas and electricity, meaning they can be most vulnerable to the impact of higher bills. When it was first brought in the cap enforced a maximum price for electricity, gas and dual fuel customers dependant on their region. The average cap was set at between £547.07 and £625.85 per year for electricity and £520.07 per year for gas, but this will now drop to between £528.28 and £600.13 for electricity and £519.74 for gas. Dual fuel customers will see their average cap reduce from £1,067.14 to £1,048 per year. Image:British Gas announced last week that it would be raising its prices for the first since November 2013 The updated caps will come into effect from 1 October and the system will be assessed again in six months’ time. Ofgem first announced the temporary cap in response to a two-year investigation into the energy market which found the Big Six suppliers were overcharging customers by up to £1.4bn a year. Prepayment customers were found to be among the worst off, as they had fewer tariffs available to them, and those were generally more expensive than those charged to regular billing customers. At the time, Ofgem chief executive Dermot Nolan said: “We want all consumers to enjoy the benefits of a more competitive energy market, regardless of their circumstances.” Since the cap was announced in February all six of the major energy suppliers have raised their prices for average bill-payers, including two separate hikes from EDF. Source link Energy watchdog Ofgem lowers level of price cap for prepayment customers was originally published on News London
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  • An independent review aims to “sort out the facts from the myths about the cost of energy” at a time when there are concerns about rising bills. The Government-backed study will look at how the UK can meet its climate change targets while also keeping costs down for consumers. Ministers want the country to have the lowest energy costs in Europe for households and businesses. But earlier this week there was anger when British Gas said it was putting up electricity prices by 12.5% for 3.1 million customers. The review, headed by Oxford University professor Dieter Helm, will investigate key factors affecting bills, including energy and carbon pricing, efficiency measures and regulation. He said: “My review will be independent and sort out the facts from the myths about the cost of energy, and make recommendations about how to more effectively achieve the overall objectives.” It will look for ways of reducing costs and consider how moving to electric vehicles and developments in storing energy, robotics and artificial intelligence will affect the industry. Image:There was anger after British Gas raised electricity bills for millions of its customers Extending the scope for auctions in the energy market will also be investigated along with making the supply chain less complex. But the study will not examine whether there should be a cap on price rises for 17 million households – a Tory pre-election commitment watered down after Theresa May lost her Commons majority. The Government has said it is taking action to cut bills and has asked energy regulator Ofgem for proposals to extend price protection to more people on the poorest value tariffs. By 2050, the UK is legally obliged to reduce greenhouse gas emissions by at least 80% from 1990 levels. Business and Energy Secretary Greg Clark said: “The review will consider how we can take advantage of changes to our power system and new technologies to ensure clean, secure and affordable supplies over the coming decades. “Professor Helm will bring invaluable expertise to the review, and I look forward to seeing his recommendations.” Alex Neill from consumer group Which? said: “It is right to look at how to keep costs down, but yet another review is going to be cold comfort to the millions overpaying on their energy bills right now. “Consumers need to see urgent action from the Government and regulator to tackle the lack of competition in the market and to ensure they are getting a good deal.” Source link Energy price review as Government aims to cut bills was originally published on News London
  • Simple Energy Brings Instant Utility Rebates to Retail Outlets By info Will making customer rebates more convenient transform the energy landscape? Simple Energy thinks so. For the past few years, the Boulder-based startup has been developing and deploying utility-branded marketplaces equipped with instant rebates, which allow customers to apply for an incentive at the point of purchase. This week, Simple Energy announced it’s opening… View On WordPress
  • Image copyright Thinkstock Image caption The energy supply market has seen about 20 new private companies offer more competition The Scottish government has pledged to set up a publicly-owned, not-for-profit energy company to sell gas and electricity to customers at “as close to cost price as possible”. But how would a state-run energy company work?What are the details? Image caption Nicola…View On WordPress
  • [11-10] Let's stop relying on Ofgem #r4today Publicly owned energy would save us ALL money and is now @UKLabour @theSNP and @TheGreen
  • [21-08] . @Ofgem threatens to fine #UK #energy distributors up to £13.9m
  • [05-08] #Ofgem plans new strategy to regulate #UK #energy system
  • [11-10] Chief executive of Ofgem says he won't speculate on timing of introduction of energy cap #r4today
  • [14-08] #UK's Big Six are squashing local energy! Choose #Renewables ?️?? ➡️ Sign 1010's urgent letter to #Ofgem RT
  • [12-08] (Renewable Energy #Audit) Senior Manager required by @ofgem in #London or #Glasgow, £41,200 - £56,650 + benefits:
  • [14-11] New venture revealed by @NicolaSturgeon for publicly owned energy firm welcomed by Ofgem. #SNP17
  • [03-10] Energy companies been deceitful from start. #ofgem #gregclark colluding. Dishonesty is disturbing #SmartMeters…
  • [11-10] #OFGEM Corporate Captured Non Regulator with a CEO chosen by the Profiteering Energy Corporations #Conservative #R4Today bias
  • [12-10] UK Govt expected to begin process of capping some energy prices with new powers for ofgem. @fuelpovertyguru & @MyUtilityGenius #bbcgms 0715
  • [05-10] As the energy consultancy for @unitedresponse UA is proud to have helped them save #money on #energy @boost4charity :
  • [12-10] We perform EnerGuide Home Energy Evaluations in #Guelph, #Brantford and #Stratford. Learn how you can save energy.
  • [08-11] #Go green. Use LED lights, Energy Efficient Appliances. Save Energy and reduce your electricity bill. #Toll free No. 1912
  • [19-09] The @HES_SE partnership w/ @ELREC_CFC helped Mrs Edyta save energy, save money & keep her home cosy #ScotClimateWeek
  • [06-10] #Boeing Announces Agreements with Seven Customers for Analytics Solutions - @OnlineFinance :
  • [10-10] Energy firm announces #fracking plans for Cheshire:
  • [19-09] #Ploughing17 kicks off today! If you're taking the M50 toll there, you can prepay at
  • [12-11] "Take my #energy, please." RT @Independent #Germany set to pay customers for #electricity usage due to surplus
  • [03-10] Breaking: Energy minister @PaulWheelhouse announces Scottish Government has banned #fracking with immediate effect. App
  • [06-10] Shares in British Gas owner @centricaplc crash 6.5% as PM announces price cap in energy prices #CPC17
  • [11-10] .@NicolaSturgeon announces plans for publicly-owned not for profit energy company by end of this parliament #SNP17 :
  • [10-10] Standing ovation as @NicolaSturgeon announces a brand new publicly owned energy company is to be set up. #SNP17 @theSNP
  • [14-11] New venture revealed by @NicolaSturgeon for publicly owned energy firm welcomed by Ofgem. #SNP17
  • [14-11] Scottish government will create "publicly-owned not-for-profit" energy company, Nicola Sturgeon announces #SNP17
Energy prepay cap to save customers £80, announces Ofgem
An energy price cap, which will be updated every six months, comes into effect in April.
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