Household energy bills to hit 3-year high as Ofgem announces 4% rise from October

[Oggiman]

Energy prices for millions of households will rise to the highest level for three years, under regulator Ofgem's price cap.

Ofgem said the price cap will increase by 4% on 1 October, driven by higher wholesale gas prices due to the Iran war.

A household using a typical amount of gas and electricity will pay £60 a year more, but more than a third of households are on fixed tariffs so their prices will not change.

The government said its cut to VAT on electricity bills will save households £45 and it was doing more to address cost of living pressures, but opposition parties said Labour was not doing enough.

The new cap will hit household bills as the colder weather arrives in October.

Suppliers say energy debt has rocketed and, with high bills likely to persist, have called for more support for those struggling to pay.

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[Curious123]

Our Gas & Electricity was with British Gas and our fixed term tariff expired a couple of months ago. I could not find another fixed term I liked so left it at the variable tariff whilst searching for a supplier. I searched the British Gas website and comparison sites for another fixed term tariff but could not find anything relevant. Our local council runs an energy auction every year where it invites energy supplier to quote a fixed term tariff for the local residents. The council asks people to submit their details if they are interested though there is no obligation to commit at the end. At the end of the auction British Gas came out on top and was cheaper then every other supplier and it was cheaper for me to go through the council switchover than trying to go to them directly and also could just sign up for a 12 month contract rather than the 18 month contract.