Ofgem has recently announced that the cap on energy prices is set to increase as of October 1st. The energy price cap puts a limit on the maximum amount that energy suppliers can charge annually. It is designed to protect the consumers from being overcharged and to regulate the suppliers´ prices.
As the UK has been recovering from its lockdown period, there has been a trend of steady increase in gas prices over the past months with more than 50%. This is very noticeable as compared to the previous year of Covid-19, when prices were kept lower.
Due to this, customers on default plans will face an increase of £139, going from £1,138 to £1,277. At the same time, customers on prepaid plans will experience an increase in the price cap of £153, going from £1,156 to £1,309.This graph shows the breakdown of the price cap.
Consumers in the UK are encouraged to contact their current energy provider and ask for a better deal or to switch their provider for a cheaper one before October 1st. Looking for a supplier that offers a more budget-friendly deal can help customers save up to £400 on their energy bills and make a significant and positive difference to their expenses.
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