The price you pay for electricity and gas in rising at the moment. This energy crisis is due to a surge in the global wholesale price of energy. While we normally encourage Portsmouth residents to regularly shop around for the best offer, depending on your circumstances this may not be your best option at the moment.
Energy suppliers going bust
Some energy suppliers have gone bust because of the crisis, and more are likely to follow before the end of this winter. You can keep track of which suppliers have gone bust here and which suppliers have been appointed to those customers here. We’ve also published a handy guide on what to do if your energy supplier goes bust, based on Ofgem advice.
Should you be changing your tariff
As it stands today, a supplier’s Standard Variable Tariff (sometimes called a standard or default energy tariff) will likely be cheaper than a new fixed-term tariff (e.g. a 1, 2 or 3-year fixed). At this point in time, we are not recommending you sign up to a new fixed price energy tariff without careful consideration. You need to consider what is best and affordable for you now, and in the future. If you would like further support with making this decision, please call 0800 260 5907 and one of our helpful advisors can assist you.
The energy price cap
The Government has a set price cap on what Energy Suppliers can charge customers on a Standard Variable Tariff. It is this cap that is preventing Standard Variable Tariff prices from rising further after the 1st October 2021. Fixed price tariffs are not limited by this price cap, and as a result, new fixed price tariffs on offer may be more expensive than Standard Variable Tariff’s. The price cap will be reviewed in April 2022, at which point it could be increased further, decreased or remain the same. Reports suggest the price cap is likely to rise again.
What to do
(last updated 29.09.2021)
If you are on a Standard Variable Tariff or about to finish a fixed-term contract, do not panic. Follow the steps below to get the information you need to decide what to do next:
- Find out who your supplier is and when your current contract finishes.
- Ask your supplier for a quote based on their Standard Variable Tariff at the time your current contract ends. Also ask for a quote on a fixed-term contract.
- Compare the rates of the Standard Variable Tariff and fixed-term contract to see which is the cheapest for you.
- If you need any help understanding your quotes call our freephone advice line on 0800 260 5907.
- If you have concerns over your ability to pay your energy bills, contact your energy provider as soon as possible. They may be able to help or offer grants and other support.
- Check if you are eligible for the Warmer Homes Discount and if your supplier offers it.
- Check if you can sign up to your supplier’s Priority Services Register. This service gives support to people in vulnerable situations.
- Have a look at what free energy saving schemes we can currently offer on switchedonportsmouth.co.uk
Lastly, be mindful of how you heat your home and use electricity this winter but don’t put your own or your family’s health at risk. If you need support, call our freephone advice line on 0800 260 5907.