Close to a third of fixed dual fuel tariffs will exceed Ofgem’s price cap, research finds
Close to a third of customers on fixed dual fuel tariffs are likely to exceed Ofgem’s energy price cap, set to come into effect at the end of December, recent research from consumer organisation Which? has been able to suggest.
The government-imposed price cap has the purpose to limit the daily standing charge and unit rate for the gas and electricity one is using if they are on the supplier’s default tariff. This means that a medium gas and electricity user would pay £1,136 annually. However, the actual bill will depend on real usage, and the price cap will also vary depending on where the home owner lives as well as how they pay.
Energy regulator Ofgem will set the cap and reassess it every six months; it can raise it if costs increase. The cap will be in place until at least 2020, and can be extended until 2023.
However, the analysis by which has revealed that no less than 70 fixed tariffs would be higher than the government’s cap of £1,136 for a home with typical energy consumption.
When the cap comes into force, around 11m households on default tariffs are expected to save £75 on average, or around £1bn collectively. However, the aforementioned research proves once again that even with a cap in force and switching supplier, optimizing one’s energy consumption is always the best way to achieve significant savings.
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