Latest news with #EnergyPriceCap
Glasgow Times
2 days ago
- Business
- Glasgow Times
Energy Price Cap warning as price set to increase in October
This follows a similar rise in April, and a cut to come in July, but will still come as a blow to customers, who face increasing bill prices and rising food costs. Martin Lewis says: "The latest predictions from Eon, British Gas & EDF have just come out. All are up on a week ago when it was predicted Oct would stay roughly the same as now (we're now 1/3 of the way through the Oct Cap assessment period). "Much of this is on the back of the rise in energy wholesale prices due to the conflict in the Middle East. Current predictions range - Up 1.6%-2.8% Oct - Up c.1% on top of that in Jan - Up c.3% on top of that next April Though the further out you go the more crystal ball gazing it is." Not great news. The Energy Price Cap now predicted to RISE about 2% or 3% in October. The latest predictions from Eon, British Gas & EDF have just come out. All are up on a week ago when it was predicted Oct would stay roughly the same as now (we're now 1/3 of the way through… — Martin Lewis (@MartinSLewis) June 17, 2025 What is the energy price cap? The term is quite confusing and it's important to note it's not the maximum price you will pay - it's an average. If you use more, you will pay more. The cap was introduced on January 1 2019 by regulator Ofgem, with the aim of preventing the millions of households on expensive variable tariffs from being ripped off. But it only limits what you pay for each unit of gas and electricity that you use. It's based roughly on wholesale energy prices (those that firms pay) and applies only to providers' standard and default tariffs, which the vast majority of households are now on. Recommended reading: Warm Home Discount There is some better news for those on very low incomes this winter, with an expansion of the £150 Warm Home Discount to 2.7m more low income households winter 2025/26. Martin Lewis added: "It'll be done by getting rid of the 'high energy cost' criteria for those on means tested benefits like Universal Credit (which helps working people and non working on low incomes). "That's good as it's a terribly implemented system which left many, literally, unfairly out in the cold."
Glasgow Times
2 days ago
- Business
- Glasgow Times
Ofgem urgent heating warning as 113,000 Scots at risk
The alarm has been raised by Ofgem, which revealed that 113,535 Scottish homes are still using outdated Radio Teleswitching System (RTS) meters—a technology that has been in use since the 1980s to control heating schedules via longwave radio signals. Originally due to be retired in March, the RTS signal shutdown was delayed to give households more time to upgrade. However, the new deadline of June 30 is now fast approaching, and many households still have not taken action. READ MORE: Hundreds of Ofgem staff in Glasgow vote to strike in pay dispute Ofgem has warned that households still using RTS meters could lose control of their heating and hot water, which may be left permanently on or off after the signal is phased out. "Heating and hot water may be left continually on or off," Ofgem cautioned, according to The Herald. While there won't be a mass switch-off on June 30, the signal will be phased out gradually in stages. Energy UK, which represents the country's energy suppliers, has issued clear guidance to customers. They have advised that they should book a smart meter replacement appointment as soon as possible. While some appointments may be scheduled beyond the June 30 deadline, the system will still be phased out in small groups. An Energy UK spokesman said: "There will not be a mass switch off of the RTS national signal on June 3. From this date, we will begin a phase-out of the RTS functionality for small groups of meters at a time. "Customers should still continue to book replacement appointments as soon as possible, and should not worry if the appointment they have been given is for after June 30. "All affected customers will be contacted in advance, but as we expect appointments to be booked up very quickly, the advice still remains for customers to contact their supplier to book a replacement at their earliest convenience." READ MORE: Energy Price Cap: Ofgem drops cap by £129 from July The organisation also confirmed that all affected customers should be contacted in advance, but encouraged people to proactively reach out to their energy supplier due to high demand for appointments. Most Scottish homes use standard meters and will not be impacted, regardless of whether they've switched to smart meters. However, for those still dependent on RTS meters, urgent action is needed. RTS meters were introduced in the 1980s to switch between peak and off-peak energy usage. Their numbers were expected to decline as smart meters became more widespread, but over 100,000 Scottish homes still rely on the technology.
South Wales Argus
2 days ago
- Business
- South Wales Argus
Energy Price Cap warning as price set to increase in October
This follows a similar rise in April, and a cut to come in July, but will still come as a blow to customers, who face increasing bill prices and rising food costs. Martin Lewis says: "The latest predictions from Eon, British Gas & EDF have just come out. All are up on a week ago when it was predicted Oct would stay roughly the same as now (we're now 1/3 of the way through the Oct Cap assessment period). "Much of this is on the back of the rise in energy wholesale prices due to the conflict in the Middle East. Current predictions range - Up 1.6%-2.8% Oct - Up c.1% on top of that in Jan - Up c.3% on top of that next April Though the further out you go the more crystal ball gazing it is." Not great news. The Energy Price Cap now predicted to RISE about 2% or 3% in October. The latest predictions from Eon, British Gas & EDF have just come out. All are up on a week ago when it was predicted Oct would stay roughly the same as now (we're now 1/3 of the way through… — Martin Lewis (@MartinSLewis) June 17, 2025 What is the energy price cap? The term is quite confusing and it's important to note it's not the maximum price you will pay - it's an average. If you use more, you will pay more. The cap was introduced on January 1 2019 by regulator Ofgem, with the aim of preventing the millions of households on expensive variable tariffs from being ripped off. But it only limits what you pay for each unit of gas and electricity that you use. It's based roughly on wholesale energy prices (those that firms pay) and applies only to providers' standard and default tariffs, which the vast majority of households are now on. Recommended reading: Warm Home Discount There is some better news for those on very low incomes this winter, with an expansion of the £150 Warm Home Discount to 2.7m more low income households winter 2025/26. Martin Lewis added: "It'll be done by getting rid of the 'high energy cost' criteria for those on means tested benefits like Universal Credit (which helps working people and non working on low incomes). "That's good as it's a terribly implemented system which left many, literally, unfairly out in the cold."
Wales Online
12-05-2025
- Business
- Wales Online
British Gas, Octopus and Eon customers sent new £300 message
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Households could save £300 on their energy bills after a new tariff was launched by EDF. The message has gone out to customers with the likes of British Gas, Octopus and Eon that they may want to consider the cheaper deal. Experts say the EDF Simply Fixed Direct tariff is £300 cheaper than the current Energy Price Cap, the annual amount paid by the typical household. READ MORE: The Nationwide customers who will qualify for new £100 bonus payments Get our best money saving tips and hacks by signing up to our newsletter Martin Lewis says it's among the cheapest deals around at the moment as he alerted customers to the offer. While the Price Cap is expected to come down in July, bringing some much-needed relief for Brits, experts say the EDF deal will still be cheaper. It also has no exit fees. The tariff is available to both new customers switching to EDF as well as existing customers. Rich Hughes, director of retail at EDF, said: 'Priced at £300 below Ofgem's current price cap, our new fixed deal gives customers a rare opportunity to lock these lowest prices in now and enjoy price stability for the next 12 months. 'While wholesale costs have dropped, the market remains unstable, and global factors could push prices up again. "Given the volatility, we advise households to consider fixed or tracker tariffs.' Money Saving Expert highlighted the deal in a recent update and said: "Cheapest NO-exit-penalty energy fix, lock in 16% under the current Price Cap. "The new EDF 12-month Simply Fixed Direct is its cheapest fix in four years. "While the cap is likely to drop around 8% in July, that still makes this fix far cheaper, and if current predictions are right, it'll continue to be so for the 12 months."
Glasgow Times
12-05-2025
- Business
- Glasgow Times
Scottish households warned of deadline for energy meters
Less than 50 days are left before the mass deactivation begins on June 30. Advice Direct Scotland is urging households to act quickly to avoid any disruption to their heating or hot water systems. Read more: Do I need a smart meter for the Energy Price Cap in July? The devices set to be turned off are the "Radio Teleswitch Service" (RTS) meters, which operate on outdated longwave radio signals. The signal controlling these RTS meters will be switched off at the end of June, affecting thousands of homes. Users are being advised that meters must be replaced as their functionality will cease once the signal is switched off. The advice comes from Advice Direct Scotland, the operation behind the national energy advice service, Andrew Bartlett, chief executive of Advice Direct Scotland, said: "With less than 50 days to go until the deadline, time is running out. "Anyone who thinks they might be affected should act now and contact their supplier. "If you don't take action and you are still relying on an RTS meter after June 30, you risk having an unreliable heating and hot water system and incorrect bills. "Of course, it should not all be left up to customers. "The rate at which RTS meters are being replaced across the country is clearly not good enough and must be ramped up urgently." Introduced in the 1980s, RTS meters have been helping customers monitor their peak and off-peak energy usage. Without a replacement for these obsolete meters, customers risk being stuck on a more expensive single-rate tariff or having unreliable heating and hot water systems. The recent UK Government figures reveal that there around 139,000 RTS meters in use across Scotland, with more than 47,000 in the Highlands and Islands. However, the rate of replacement appears not to be happening swiftly enough. At the end of April, there were reported to still be around 135,000 RTS meters in operation, indicating that very few have been replaced. The campaign by Advice Direct Scotland has highlighted issues faced by customers in getting their old meters replaced. There are reports of unexpected costs and customers struggling to get their old meters replaced. One example given is of a 69-year-old North Lanarkshire resident who had to spend £700 fixing her kitchen after being made to install a smart meter before the signal switch-off. Read more: Fundraising day to honour legacy of former Glasgow Times sports reporter Mr Bartlett said: "We are getting more and more enquiries coming in about this issue, showing that people are clearly worried about how the switch-off will affect them. "If you know someone with an RTS meter, especially if they are vulnerable, encourage them to get it replaced soon." 'The most important thing to remember is that free help and advice is available. Anyone who is confused should visit or call 0808 196 8660 for assistance."
