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Changes to energy prices

Published on 23 February 2022 08:37 AM

Why are energy prices going up?

Increased global demand has seen the prices of gas increase. This has led some energy suppliers to go bust.

As a result, Ofgem, the energy regulator, has increased the energy price cap from 1 April 2022. This means customers have a certain level of protection against the rising energy prices, as energy suppliers will only be able to charge default tariff customers so much per unit (kWh) of energy.

However, bills will go up substantially for lots of households this winter. On average, default tariff bills are expected to increase by £693 for the year. For those using a prepayment meter, the average increase will be around £708.

There are fewer tariffs on offer than usual, and switching might not save you any money. It's important to seek impartial advice before switching, for example from the Citizens Advice Consumer Service.

Changes to energy prices - how they might affect you | Age UK