Latest news with #EnergyPriceCap
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 The devices set to be turned off are the "Radio Teleswitch Service" (RTS) meters, which operate on outdated longwave radio signals.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."
Wales Online
09-05-2025
- Business
- Wales Online
Martin Lewis' MSE alerts British Gas, Octopus, Eon, EDF and OVO customers and says 'cheapest'
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 A new tariff launched by one of the energy giants could save households cash. Martin Lewis' Money Saving Expert (MSE) is highlighting a new deal from EDF, which he says is their cheapest fix in four years. The team added it was 16% cheaper than the current Energy Price Cap. READ MORE: Keir Starmer makes statement on state pension triple lock Get our best money saving tips and hacks by signing up to our newsletter The deal is open to both new customers switching to EDF - from the likes of British Gas, Octopus and Eon - as well as existing customers. It could be welcome news for households after energy bills went up again for millions at the start of April. Charges are expected to fall in July, but MSE said the EDF will still end up cheaper. They explained: "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. "It's for both switchers & existing EDF customers and is 16% cheaper than the current Price Cap. "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. Get all the latest motoring news sent to your inbox by signing up to our new newsletter here "Yet predictions change, so this fix's big boon is no early exit penalties, letting you leave whenever you want with no charge (it's by far the cheapest no-exit-fees fix we've seen, only a tad more than the very cheapest tariffs). You can also get all your favourite content from BirminghamLive on WhatsApp. Click here to sign up for breaking updates about the biggest stories in the region.
Powys County Times
05-05-2025
- Business
- Powys County Times
Do I need a smart meter for the Energy Price Cap in July?
Following posts this week, that people may be cut off from electricity because they have old-style meters and not smart ones, many customers have been concerned that they need a new meter before the new Energy Price Cap comes in on July 1. But, it's only people with a particular type of meter, and they are being contacted by their energy supplier to ensure they change their meters ahead of a deadline at the end of June. If they do not change their old electricity meter could stop working properly, which could prevent their heating or hot water from coming on. But this does not affect all 'old-style' meters, only one particular type of meter, which last year was installed in around 800,000 homes across the UK. Who needs a new electricity meter before July 1? The changes are set to impact Radio Teleswitch (RTS) meters across the UK. These meters are controlled by long-wave radio signals, which tell the meter when to switch between peak and off-peak prices. In October 2024, energy regulator Ofgem said that around 800,000 RTS meters need to be replaced across the country. The technology that sends signals to the meters was introduced in the 1980s and is now getting to the end of its natural lifespan, trade body Energy UK has said. New @Ofgem proposals for compensation if your Smart Meter isn't working... — Martin Lewis (@MartinSLewis) March 28, 2025 'This means that the equipment that produces the radio signal can't be adequately maintained any more,' Energy UK added. This means that on June 30 2025, the radio signal and its supporting infrastructure will close down. Households have been warned that if they do not switch to a new meter, their heating and hot water might either stay on all the time or not come on at all. They could be charged at the wrong time of day, which could lead to higher bills. Most households will see their meters changed to a smart meter. However, some may be unable to get a smart meter. In those cases, they will have a different suitable meter installed instead. What is the energy price cap, and does it need a smart meter? 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 1 January 2019 by regulator Ofgem, with the aim of preventing the millions of households on expensive variable tariffs from being ripped off. The next change is due to be announced later this month and come into force on July 1. It has no bearing on meters or whether you should fit a smart meter. But it only limits what you pay for each unit of gas and electricity that you use. The energy price cap is the maximum amount energy suppliers can charge you for each unit of energy and standing charge if you're on a standard variable tariff.
South Wales Argus
03-05-2025
- Business
- South Wales Argus
Energy price cap update on zonal energy regional pricing
While this isn't new - the Energy Price Cap already has regional pricing for certain areas - Google searches for 'zonal energy pricing' have skyrocketed. Here's all you need to know about what a zonal energy pricing system could look like and how it could be implemented. So, what is zonal energy pricing, and who would be its winners and losers? Les Roberts, energy expert from Bionic, explains: 'Regional energy pricing, or zonal energy pricing, is set to be one of the biggest changes to the UK electricity market in over 35 years. 'The system, if approved by the government, is set to transform the UK's energy market, aiming to make the system more efficient by creating regional energy markets." What's going to happen to the energy Price Cap & is it worth getting a fix. Here are the latest predictions compared to the cheapest fix. The DOWN 8-9% July prediction is pretty solid, after that it's a bit crystal ball gazing. To find ur cheapest fix use — Martin Lewis (@MartinSLewis) April 30, 2025 What are regional energy markets? Regional energy markets are based on the cost of generating and transmitting electricity in each zone, rather than a blanket cost for the whole nation. 'In areas where renewable energy sources are in abundance already, such as Scotland, prices are set to fall by up to 8% in the proposed scheme," says Les. "However, in areas such as London and the South, where demand for electricity and energy is high and electricity often needs to be transmitted over long distances, prices are predicted to rise by 2.4% under regional energy pricing.' (Image: Bionic) Analysing the proposed zonal energy scheme, based on monthly utility bills for UK cities (electricity, heating, cooling, water, garbage) for 85m2 Apartment with percentages and proposed regional zones based on research provided by LPC Delta, Bionic has predicted which UK cities will benefit the most and the least from the regional energy pricing scheme. Birmingham would benefit most from the regional price increase, despite the new scheme proposing a predicted 2.4% increase in energy costs. London is set to rank 5th under the regional pricing scheme, with bills predicted to increase by 2.4%, taking the average monthly bill cost to £238.77. Surprisingly, Aberdeen is still set to have some of the highest utility bills in the UK, despite the proposed zonal energy scheme set to reduce costs by 8%. Les says: 'If implemented, regional energy markets are set to transform the UK's energy market, changing not just how much people pay, but also how and where new energy infrastructure is developed. The scheme is set to incentivise regional investment in clean energy projects and has the potential to accelerate the UK towards its 2050 net-zero target.' Recommended reading: What is the energy price cap and when does it change? 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 1 January 2019 by regulator Ofgem, with the aim of preventing the millions of households on expensive variable tariffs from being ripped off. The next change is due to be announced later this month and come into force on July 1. 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. The energy price cap is the maximum amount energy suppliers can charge you for each unit of energy and standing charge if you're on a standard variable tariff. The energy price cap also sets a maximum daily standing charge.
