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Falling wholesale energy prices have allowed some suppliers to reintroduce a limited number of fixed deals - which are cheaper than the current Energy Price Guarantee level of £2,500 - to the market. With the market continually changing, though, it's difficult to predict whether choosing one or sticking with a standard variable tariff will save you money in the long run. It's important to consider your options carefully and stay up to date with energy market news to help you decide what to do.
Find out more about the pros and cons of fixing your energy deal.
Wholesale gas prices significantly increased in September 2021 as a result of various factors combining to put pressure on supply and demand. This meant that there was a knock-on increase to the prices domestic energy customers were charged for their energy by suppliers.
Ofgem ultimately announced that, due to the wholesale market situation, the level of the energy price cap would rise to £3,549 in October 2022 (it has since increased again to £4,279, but will fall to £3,280 in April 2023).
Recognising the financial pressure that such high bills would put on households, the government introduced the Energy Price Guarantee, which has frozen energy prices at £2,500 per year for an average use household paying by direct debit until the end of June 2023.
Utility Warehouse’s variable energy tariff is cheaper than the Energy Price Guarantee.
Homeowners can save £50 on average on their energy bill when switching any two of their broadband, mobile or insurance to Utility Warehouse at the same time.
*Offer available to homeowners only.
With the cost of living crisis affecting households across the UK, you can’t switch energy but you can still compare and save across Uswitch’s other products, including broadband, mobiles and insurance.
If you’ve got a smart meter, Utrack is a free mobile app that connects to your smart meter and can help you track your home energy usage and help you find ways to use less energy to keep your bills as manageable as possible.
You can get:
Detailed insights about energy usage throughout your home
Daily, weekly, monthly and yearly reports and data
Energy-saving tips and advice.
If you’re struggling with your energy bills, there is help available. At the very least, energy suppliers are required to have plans in place to help customers who need it - these could include reducing or waiving payments for a while or switching over to a prepayment meter.
The normal winter discount schemes - the Warm Home Discount, Winter Fuel Payment and Cold Weather Payment - all continue to apply to those eligible.
In the autumn of 2022, the government announced a second package of relief measures (details of the first package can be found here) designed to help the most vulnerable.
£900 for those on certain means-tested benefits
£300 for pensioners
£150 for those on disability benefits.
While switching isn't available domestically, it's still an option for businesses looking to keep costs down.
Compare business energy deals from trusted UK business energy suppliers and get your next business energy deal in minutes.
Even though comparing or switching energy isn’t available on Uswitch, it is still important to understand how it works and what to do once the market does return.
If you’re looking to switch energy supplier, think about what’s most important to you and choose the one that ticks those boxes - but make sure the deal it’s offering works for you as well.
The government has announced that the Energy Price Guarantee, through which it keeps customers' energy bills at a lower level than they otherwise would have been, will be maintained at its current level until the end of June 2023.
With wholesale energy prices dropping and the Energy Price Guarantee due to stay at £2,500, suppliers could imminently be in a position to offer customers fixed deals.
Ofgem has cut the level of the energy price cap from April, though it will remain higher than the government's Energy Price Guarantee.
Uswitch has announced the launch of its demand flexibility scheme, Utrack Money Back.
Uswitch research has shown that in the wake of high energy bills, more people are now arguing about energy use than they previously were.
Although the Energy Price Guarantee is protecting customers from big price rises, some have seen a small increase since the beginning of 2023.
The long-mooted government energy-saving campaign has launched across the country with focus on Uswitch and Utrack.
Uswitch has today launched its new mobile app, Utrack, which is designed to help energy users track and change their energy usage and habits.
With more than a fifth of households saying they can only cope with rising bills by cutting their energy usage, Uswitch is encouraging customers to check, track and change their energy habits this winter.
In the wake of rocketing energy bills making life financially impossible for UK households, the UK has intervened to fix energy prices with the Energy Price Guarantee.
The second energy price cap revision of the year sees it raised to a new high of £3,549 for average use households across the UK.
With the price cap due to increase in August, Uswitch research has found that many households are vastly underestimating the amount it's likely to increase by.
With an energy price cap increase imminent, Uswitch research has found that UK households' energy debt is already extremely high.
Ofgem has confirmed that it will now review the level of the energy price cap four times a year rather than twice.
With a new Prime Minister to be appointed imminently, Uswitch has today published its Energy Crisis Plan calling for more support for UK households this coming winter.
Energy bill increases have prompted the government to put together a package of financial relief measures for vulnerable customers.
Uswitch research has found that energy debt has topped a billion pounds this year, with 25% of customers in debt to their energy supplier.
A 54% increase in average energy bills has come into effect under the first price cap of 2022.
With a significant energy price rise incoming, Uswitch has put together a ten-point plan to help customers prepare for higher bills.
The energy crisis has seemingly spurred a surge in smart meter installations, with nearly a million households getting one in the past few months.
The energy price cap is due to rise to £1,971 in April - its highest ever level - as a result of the ongoing wholesale energy market crisis.
With energy bills rising to once-in-a-generation heights, Uswitch research has found that millions of UK homes could end up in debt to their supplier.
What does the average UK gas and electricity bill look like? See how your energy usage and bills compare against Ofgem's averages for 2023.
Information on the energy price cap set by Ofgem, including the frozen Energy Price Guarantee rate of £2,500, which came into effect in October 2022.
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