Energy bills will reach new highs from April 1 when Ofgem’s energy price cap rise comes into effect. The new cap allows suppliers to charge up to 54 percent more for their tariffs, though each company is allowed to offer variable rates. This is your guide to the new direct debit and prepayment rates for the top 11 energy suppliers, including British Gas, EDF and EON.
The energy price cap rise could see the typical UK household pay £693 more per year from April.
Ofgem’s revised price cap means energy suppliers will be able to charge as much as £1,971 per household, as opposed to the existing limit of £1,277 per year.
While direct debit and prepayment rates will vary across different suppliers, many have been forced to increase standard tariffs by the maximum amount in order to cover rising wholesale costs.
As the country prepares to foot the bill for the soaring cost of energy, Money Saving Expert Martin Lewis has compiled a full list of suppliers’ new rates, so you know what to expect from your bill this April.
According to the Money Saving Expert, the majority of the UK’s “big six” energy firms have confirmed that new prices will be inflated to the maximum amount.
Some of the suppliers implementing the full price cap rise include British Gas, EON and Scottish power.
Octopus is the outlier amongst the leading suppliers, offering tariffs priced at an average rate of £50 under the £1,971 cap per year for existing customers.
While all new rates will rise to some extent, the costs will depend on both the supplier and whether you are paying for dual fuel usage or not.
The outlier on the market will see lower rates for existing customers on standard tariffs.
- Direct Debit: £1,921 (if you were on its standard tariff before 2 April) and £1,969 (if you come off a fix from April 2).
- Prepayment meter: £1,967 (on its standard tariff before March 3) and £2,015 (joining on prepay after March 3).
Ovo will offer customers a minor discount of just £1 for direct debit payments and £2 for prepayment meters.
- Direct Debit: £1,970
- Prepayment meter: £2,015 (via Ovo’s Boost brand)
Outfox the Market
- Direct Debit: £1,971
- Prepayment meter: NA
Again, the new maximum rates will come into effect from April 1 for SSE customers.
- Direct Debit: £1,970
- Prepayment meter: £2,015
If you’re on an energy only plan, you can expect to benefit from a lower rate than the full rise if you’re a Utility Warehouse customer..
- Direct Debit: £1,960 (energy only)
- Prepayment meter: £2,017
These prices are based on average rates as gas and electricity unit rates and standing charges vary by region.