British Gas, E.on and SSE will increase their standard tariffs to the maximum allowed by the April price cap.
Gas and electricity bill s are on course to increase by 54% when the price cap set by Ofgem changes in April. The conflict in Ukraine will also cause energy costs to rise.
On April 1, Ofgem will add a further £693 to its price cap, taking the average household bill up from £1,277 to £1,971. Those on pre-payment meters will see £708 added to their yearly bill.
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According to the Mirror, energy firms have increased their standard tariffs to the maximum allowed by the April price cap.
However, one big exception is Octopus Energy, which announced a new loyalty tariff which is £50 below the price cap. The new rate applies to the Octopus Flexible variable tariff, which is being quoted at £1,921 a year for someone with typical energy use.
But it is only available to customers who joined the energy firm by March 3, 2022, or if you’re coming off a fixed deal before April 2, 2022. Currently, most households are best off on standard variable rates.
Here are how the major energy companies compare:
- British Gas - £1,971 (direct debit) or £2,017 (pre-payment)
- Bulb - £1,971 (direct debit) or £2,017 (pre-payment)
- E.on - £1,971 (direct debit) or £2,017 (pre-payment)
- EDF Energy - £1,970 (direct debit) or £2,017 (pre-payment)
- Octopus Energy - £1,921 (existing direct debit customers) or £1,969 (new direct debit customers); pre-payment TBC
- Outfox the Market - £1,971
- Ovo Energy - £1,970 (direct debit) or £2,015 (pre-payment)
- Scottish Power - £1,971 (direct debit) or £2,017 (pre-payment)
- Shell Energy - £1,971 (direct debit) or £2,017 (pre-payment)
- SSE - £1,970 (direct debit) or £2,015 (pre-payment)
- Utility Warehouse - £1,960 (direct debit) or £1,991 (pre-payment)
These prices are averages as gas and electricity unit rates and standing charges vary by region.
If you’re really worried about your energy bills, you should speak to your energy provider first to see what support they can give you. There are also lots of schemes you may be eligible for, particularly if you're in a low-income household or claim benefits.
For example, there is the Warm Home Discount scheme, which offers £140 one-off payments for those who get the Guarantee element of Pension Credit or are on a low income. There is also the Winter Fuel Payment scheme, where those getting the state pension can get between £100 and £300.
Low-income households can also get £25 a week to help with energy bills during the winter thanks to the Cold Weather Payment scheme too. You may also want to use the free grants search tool from debt charity Turn2Us to see what help is available where you live. There are around 8,000 grants currently available.
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