Estimates suggest that up to 22 million British customers will see their energy bills rise in 2022 as companies take advantage of the adjusted price cap. Energy regulator Ofgem increased the cap by £693 in early April to give flailing companies space to offset a global trend of rising wholesale gas prices. While estimates suggest average bills will rise from £1,277 to £1,971, energy firms have taken advantage of their newfound breathing space in different ways, resulting in variable costs for customers.
Customers with Scottish Power will see their bills rise with the price cap by £693 a year.
Similarly to the below firms, the new rates won’t immediately apply to customers on some tariff agreements.
Those on standard (variable) pay as you go and default tariffs will feel the burn, but prices under fixed agreements won’t increase until the tariff ends.
Scottish Power also has support systems, including adjustable tariffs, the Scottish Power Hardship Fund and a Priority Services Register for those in need.
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After the price cap adjustment, British Gas customers will see their prices increase by varying amounts depending on their plan with the firm.
Credit customers pay an additional £693 per year, split into £58 monthly instalments.
Those with prepayment agreements pay slightly more at £708 a year or £59 per month.
Like EDF, British Gas also has funding grants for vulnerable customers and payment plans to suit those needing assistance.
EDF Energy has utilised the price cap adjustment to its fullest, with average annual bills for its customers increasing by £693.
Prepayment customers will feel the burn almost immediately, with their tariffs boosted by the allowed maximum, while fixed tariff customers won’t see a change yet.
Their bills won’t change until their current tariff ends, and EDF has offered both groups support to help cut prices.
On top of smart meters, free access to the Energy Hub and advice, EDF also offers vulnerable customers support via its EDF Customer Support Fund, which they can use for bill assistance via the Priority Services Register.
Octopus has announced that its customers on the Flexible Octopus tariff will see their prices rise, while those on the Flexible Octopus (variable) alternative will change with the end of their tariff.
Representatives have committed to sending customers emails including a breakdown of how their bills could change and have offered some tariffs that will slightly undercut the adjusted rates.
Those on standard variable tariffs pay £2 less than the annual £693 cap increase, while loyal customers can count on a rebate of £48 via the Loyal Octopus scheme, meaning they pay £643 instead.
Customers who need further assistance can apply to the Octopus Assist fund, which provides grants worth between £50 and £500.
Now in special administration, Bulb is a taxpayer-funded venture that increased its Pay Monthly and Pay As You Go bills with the price cap.
Customers can expect to pay an additional £693.16 every year, averaging approximately £13.33 more per week depending on energy usage.
Bulb has advised customers expecting a crunch on their income to go to the company for help, as it offers advice and flexible payment arrangements in weekly, fortnightly or Fuel Direct instalments.
The firm also assists customers with financial assessments, installing household energy efficiency measures, and help via the Warm Home Discount.
Prices for Shell customers on a fixed energy tariff won’t see their prices change this month, while those of flexible (standard variable) alternatives will.
Shell’s default will soon become the Flexible 7, changed from the flexible 6, increasing electricity rates from 20.871p to 29.239p per kWh, and comes with a standing charge priced at 37.92p.
Gas prices will increase from 4.055p to 7.344p per kWH, with an added standing charge of 27.22p.
Household credit customers will pay the additional £693 at rates of £60 more a month, while prepayment will cost £59 per month, or £708 a year.