Energy Crisis Update
11th January 2022
Not only have we all read the stories in the media, but many of us have experienced the effects of the energy crisis first hand. In February the government will announce how much the energy price cap will increase by. This will take effect on the 1 April 2022, where energy bills will rise accordingly.
If you’re on a fixed price tariff, the price you pay per unit of energy used won’t change until the end of your fixed rate period, which is usually 12 or 24 months. If you’re on a standard variable tariff or prepayment meter, you will be subject to the Energy Price Cap, which puts an upper limit on the maximum price your supplier can charge you per unit of energy.
There is help available for tenants who are struggling to pay their energy bills. Firstly, they should contact their energy supplier as soon as possible. Most suppliers do have support available for low income and fuel-poor households struggling with their energy bills. This includes the Warm Home Discount, which provides eligible households with a £140 discount, and Winter Fuel Payments and Cold Weather Payments, which “will help ensure those most vulnerable are better able to heat their homes over the colder months”.
What happens if the energy supplier goes bust? There are rules and laws to protect consumers when a supplier goes bust. Effectively, the government appoints a new supplier. Any credit you have with the old supplier will also be transferred to the new supplier. A new supplier will be appointed within 5 to 7 days and will start contacting their new customers to say they’ve taken them on and to give them a little bit of time. It will take a few weeks, but nobody’s lights will go off in the meantime. But the prices that were previously agreed – say, if you had a nice cheap fixed tariff – that, unfortunately, will not be honoured by the new supplier. Instead, consumers will be put onto a price-capped tariff.
Our bills included packages provide tenants and landlords with security, especially at the uncertain time. Our utility provider offer guarantee pricing and always honour their agreement. They are confident in their supplier, Octopus Energy as the way they buy their energy is less risky than many other energy suppliers. They pay for the energy up front at a guaranteed price, which means that big fluctuations in energy pricing affect them less than suppliers who choose to buy from the market at constantly varying rates.
Octopus said in a statement: “Customers should not worry…As one of the largest, best backed, best run companies in the sector, we will do all we can to support consumers, government and Ofgem as they work through this.”
If you’d like to know more about our packages, or need any help with issues in regards to utility suppliers, please don’t hesitate to get in touch.
Source; Goodlord, Gov.uk, Ubundle
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