The gas and electricity supplier aims to be "the most easy to deal with" energy supplier in Great Britain. The energy provider also touts its environmental responsibility; they are currently invested in 18 wind farms and nine hydroelectric stations across Britain and Ireland, with the aim to continue offering competitive energy solutions to customers.
ESB became a majority shareholder of So Energy in August 2021, gaining more than 75% of the company. The two suppliers will merge under the So Energy brand, which grows So Energy's customer base to around 310,000. ESB customers will migrate to the So Energy brand.
Most energy suppliers in the UK, including ESB, are subject to Ofgem's energy price cap. The cap sets the maximum rate a supplier can charge for average usage on its standard variable or default tariff. The current price cap is at its highest ever level of £1,971, and ESB and So Energy, which have now merged, subsequently increased SVT rates to around that level.
In August 2021, Ofgem announced it would raise the level of the price cap by 12% to £1,277 from 1 October 2021. ESB Energy therefore announced it would raise prices on its standard variable tariff to more closely match the new price cap rate, putting its average bill at £1,276 from October. In February 2021, Ofgem announced a price cap increase of 9% to £1,138 from 1 April 2021. In reaction to this, ESB Energy announced it would raise prices on its standard variable tariff to £1,134, just below the cap level.
The energy market is challenging and unpredictable at the moment and there is a certain level of risk to some suppliers - find out why in our energy market Q&A guide.
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