Energy customers of British Gas, OVO, EDF, EON Next and Octopus have been told they can avoid a £146 price hike from October. By contacting their energy provider and making necessary corrections, they can save up to £500 on their energy bills.
Top Energy Tariffs for 2024: Best Deals for Savings on Your Bill
The cheapest plan currently is Outfox The Market's Fix'd Dual Aug24 v3.0 tariff, which has an average yearly price of £1,568, saving £146 off the cap, as reported by the Birmingham Live.
OVO Energy offers the One-Year Fixed 19 August 2024 tariff, saving £87, whilst Octopus' Octopus 12M Fixed August 2024 v2 tariff offers £86.
Co-Op Energy provides the Co-Op 12M Fixed August 2024 v2 tariff, which has a bill of £1,628, saving £86 compared to the cap.
EON's Next Fixed 12m v23 / E.ON Next Gust 12m v8 tariff saves £54, and British Gas' Fixed Tariff v9 saves £54 as well. The Sainsbury's, Co-op, and OVO tariffs offer savings of £24, £21, and £7, each.
EDF also saves £6, resulting in a total savings of £572. Richard Neudegg, Uswitch's director of regulation, stated: “The price cap is expected to rise again in January, but bill payers can take action now to lock in certainty on how much they pay.
There are a number of 12-month fixed deals available at rates cheaper than today’s firm prediction, so run a comparison to see what energy tariffs are available to you.”
Energy Prices Set to Rise in October: Cornwall Insight Warns of New Normal
Cornwall Insight, an energy consultancy, forecasts that the typical household's annual energy price will rise to £1,714 from £1,568 from October 1. This is lower than its prior prognosis in June, which anticipated that the cap would climb by 9.9% to 1,723.
Craig Lowrey, principal consultant at Cornwall Insight, stated: “This is not the news households want to hear when moving into the colder months. Following two consecutive falls in the cap, I’m sure many hoped we were on a steady path back to pre-crisis prices.
“However, the lingering impact of the energy crisis has left us with a market that’s still highly volatile and quick to react to any bad news on the supply front. Despite this, while we don’t expect a return to the extreme prices of recent years, it’s unlikely that bills will return to what was once considered normal.
“Without significant intervention, this may well be the new normal.”