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Daily Mail
a day ago
- Business
- Daily Mail
Energy price cap now predicted to rise in October - is it time to take a fixed tariff?
Energy bills will be higher in October when Ofcom's price cap changes, according to new predictions. The price cap increased to £1,849 in April but is set to fall to £1,720 at the start of July, when demand for gas and electricity is lower. However, households not on a fixed tariff may have to brace themselves for another increase in their bills when the price cap changes again in October. Suppliers often publish their predictions for where the price cap might be in three months, although these usually come with heavy caveats that it might change. Eon Next predicts dual-fuel households will pay £28 more for their energy in October as the price cap increases £1,748. EDF predicts an even bigger increase of £44 to £1,764, while British Gas thinks it will rise by £45 to £1,765. Further ahead, both EDF and British Gas predict a further increase in January to £1,796 and £1,795. This follows the general trajectory of the price cap, with households paying higher prices in the colder months. While the energy market has stabilised in recent months, British Gas warns that 'surprises can happen' and if geopolitical tensions worsen, prices could go up affecting its predictions. EDF says its long-term forecast 'has increased on the back of rising gas prices'. These changes only apply to households using variable rates and not those with fixed deals. Is it time to take out a fixed deal? Households that fixed their energy bill today would still make a significant saving on both the July price cap and the predicted increase in October. Outfox the Market is offering a two-year fixed deal with an average annual bill of £1,535. When energy prices spiked most households slipped energy price cap tariffs, but it is now possible again to switch to fixed rate energy deals that can save you money. This is Money's recommended partner uSwitch lets you compare the best energy deals for you, based on your home and gas and electricity costs. > Compare the best energy deals with uSwitch* By entering your address and energy usage, you can search for energy deals that can cut your costs and suit how you live. Switching energy provider can also help the planet, if you move to one of the green deals offering electricity from renewable sources and more environmentally-friendly gas. > Check the best fixed rate energy deals with uSwitch and This is Money * *Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence. If prices were to rise to the highest predicted level in October, households would still make a saving of £230. Similarly, its 12-month deal is currently set at £1,537, which would offer a £228 saving in October, and its 18-month deal a £225 saving. These deals lock customers in for a period of time, at least 12 months, so the risk is that the price cap could fall later on and they would pay more - but it is unlikely the price cap will drop dramatically in the near future. Tariffs cheaper than the price cap Top energy deals Supplier Tariff Fix duration Average annual bill Saving vs April price cap (£1,849) Saving vs July price cap (£1,720) Exit fees Outfox the Market 2-year Fix'd Dual Jun25 v2.0 24 months £1,535 £314 £185 £100 per fuel Outfox the Market Fix'd Dual Jun25 12M v2.0 12 months £1,537 £312 £183 £50 per fuel Outfox the Market 18-Month Fix'd Dual Jun25 v1.0 18 months £1,540 £309 £180 £75 per fuel Tulo Energy Tulo Fixed May 25 12 months £1,585 £264 £135 £60 per fuel Next Next Fixed 12m v62 12 months £1,599 £250 £121 £50 per fuel Source: Prices correct as of 8:42am on 16 June 2025. Tariffs included within the table are the cheapest non-bundle fixed tariffs, not variable or tracker. All energy tariffs and prices mentioned are subject to change without notice, and rates vary upon region. These are the cheapest tariffs available based on suppliers who have updated Uswitch with their rates.
Daily Mail
09-05-2025
- Business
- Daily Mail
Energy firms pay customers £7MILLION after overcharging them: Are you owed a refund?
Ten suppliers have paid thousands of customers £7million in refunds and compensation after overcharging them, the energy regulator has said. Ofgem said over 34,000 customers with more than one electricity meter at their property had overpaid their energy bills between 2019 and 2024. Suppliers can apply multiple standing charges for homes with more than one meter, but Ofgem says some customers were 'erroneously charged more than is allowed under the price cap when combined with unit rates.' The regulator said it had investigated the issue and suppliers had agreed to issue £5.6 million in refunds and almost £1.4 million in goodwill payments. Charlotte Friel, director of retail pricing and systems at Ofgem, said: 'We expect all suppliers to have robust processes in place so they can bill their customers accurately. 'While it's clear that on this occasion errors were made, thankfully, the issues were promptly resolved, and customers are being refunded. 'Today's outcome serves as a reminder to all energy suppliers that they must implement the price cap properly and do their due diligence. 'It also shows that, where appropriate, Ofgem is prepared to work with suppliers that fail to comply with our rules.' Ofgem found that Octopus had the most customers affected by the error at 20,862, paying out £2.6million in total refunds. 'The other suppliers to give refunds were Eon Next, Ecotricity, EDF, Outfox the Market, Ovo Energy, Rebel Energy, So Energy, Tru Energy, and Utility Warehouse. Earlier this week, the regulator ordered Good Energy to pay £150,000 to former prepayment meter customers for failing to issue final bills. Supplier refunds Supplier Number of customers affected Total refunds Total goodwill payments Eon Next 160 £45,195.82 £9,330.33 Ecotricity 166 £36,633.12 £18,904.35 EDF Energy 3 £112.29 £30.00 Octopus Energy 20,862 £2,636,884.00 £546,278.00 Outfox The Market 570 £6,106.06 £4,590.00 Ovo Energy 2,372 £602,066.05 £280,068.73 Rebel Energy 15 £2,339.49 £575.00 So Energy 1,558 £266,041.16 £58,285.85 Tru Energy 70 £7,486.54 £11,663.00 Utility Warehouse 8,272 £2,043,098.84 £453,960.00 Total 34,048 £5,645,963.37 £1,383,685.26 Are you due a refund? Affected customers will be refunded automatically if they have not already been, and do not need to contact their supplier. If a customer has since changed supplier, they will be contacted by their previous supplier to arrange a refund. Customers of Rebel Energy, which closed last month, leaving 90,000 homes without a supplier, will be refunded. Ben Gallizzi, Uswitch energy expert, said: 'Technical errors like this can occasionally happen, but providers must act quickly to spot when issues arise and make every effort to resolve problems promptly. 'This overcharging error impacted households with multiple meters. Affected customers will be refunded automatically by their provider, so they shouldn't need to do anything to get their money back. 'If you have submitted a meter reading recently but think there's an error in your bill, contact your supplier to raise the issue.' Can you save money on energy bills? Check the best fixed deals When energy prices spiked most households slipped energy price cap tariffs, but it is now possible again to switch to fixed rate energy deals that can save you money. This is Money's recommended partner uSwitch lets you compare the best energy deals for you, based on your home and gas and electricity costs. > Compare the best energy deals with uSwitch* By entering your address and energy usage, you can search for energy deals that can cut your costs and suit how you live. Switching energy provider can also help the planet, if you move to one of the green deals offering electricity from renewable sources and more environmentally-friendly gas. *
