Read Your Energy Meters on 31 March 2022
Published / Last Updated on 08/03/2022
As most of us will be aware, Ofgem, the energy regulator announced on the 3 February an increased price cap on our energy bills of from 1 April 2022. This will affect 22 million households.
Default Tariff Cap
For those still on an energy supplier’s default tariff paying by direct debit will increase by £693 (and pennies) pa from £1,277 pa to £1,971 pa. That’s a 54% increase.
Prepayment Tariff Cap
Consumers that have prepayment cards, keys and online prepay will see an increase of £708 pa from £1,309 pa to £2,017 pa.
Globally, wholesale gas prices have quadrupled in the last year and look set to rise even higher with the next price cap review by Ofgem due in October 2022 given the events in Ukraine and sanctions against Russia.
Take Action on 31 March 2022
Default tariff – read your meter and update your energy supplier with those readings to ensure that your used power is charged at the lower rate before any increases.
Prepayment tariff – if your energy supplier will permit prepayments that buy kilowatt hours (kwh) at the tariff rate when you deposit funds, then top up your prepayments as much as you can ahead of any increase. If it does not and you simply have funds/credits in £ pounds on your account and so will buy kwh at the rate at the time of use, then there is little point.
