Join our Head of Business and Consumer Graham Hiscott and Mirror Money reporter Sam Barker as they go through everything you need to know about Ofgem raising its energy price cap by almost £700 on April 1st
the energy price cap will jump by a staggering £700 from this Friday – taking a huge hit on household bills.
controller Ofgem has confirmed it is increasing its price cap by 54% by £693 from £1,277 to £1,971 from April 1st.
For prepaid customers, the price cap increases by a further £708 from £1,309 to £2,017.
It is understandably a worrying time for families, with many households wondering what to do about it lower their bills.
If you’re not sure what the price cap really is or how it works, our other living expenses experts are at your disposal Facebook Live at 1pm this Thursday (March 31) to answer all your questions.
Join our Head of Business and Consumer Graham Hiscott and Mirror Money reporter Sam Barker as they discuss everything you need to know about the upcoming price hike.
Our cost of living Team of experts is here to help YOU through a very difficult year.
They bring you the latest money news and also offer expert advice.
Whether it’s skyrocketing utility bills, the cost of weekly groceries, or increased taxes, our team is always by your side.
Every Thursday at 13:00 they participate in a Facebook Live event to answer your questions and offer their advice. visit facebook.com/dailymirror/live watch. You can read more about ours team of experts here.
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We’ll go through all the ways you can lower your bill, whether it’s worth making a deal now, and what you need to do before April 1st.
Let us know via email if you have any question firstname.lastname@example.org or you can leave us a comment during the broadcast.
We are there live facebook.com/dailymirror at 1 p.m. on Thursday (March 31).
Around 22 million households are currently at the upper price limit.
It applies to all standard rate customers who have not switched to a fixed contract and to those who remain with their new provider after their previous provider has left the market.
North News & Pictures northnews.co.uk)
The reason for the rising price of energy is pressure on gas prices around the world caused by the Covid pandemic.
Business closures led to low global energy consumption, which was then followed by a rapid recovery as economies began to reopen.
Since the beginning of 2021, around 30 energy companies have gone bankrupt under the weight of the energy crisis, and more than two million customers have switched to another provider.
Jonathan Brearley, CEO of Ofgem, said: “We know this surge will be extremely worrying for many people, particularly those struggling to make ends meet, and Ofgem will ensure that energy companies support their customers in every way possible support way.
“The energy market has faced a major challenge due to the unprecedented rise in global gas prices – a one-off event in 30 years – and Ofgem’s role as energy regulator is to ensure that under the price cap energy companies only pay a fair price based on the true Electricity and gas supply costs.
“Ofgem is working to stabilize the market and diversify our energy sources over the long term, which will help protect customers from similar price shocks in the future.”
https://www.mirror.co.uk/money/join-live-energy-price-cap-26594064 Be there LIVE as the energy price cap rises by £700 this Friday - all help available