What can we do about the energy price rise?
Watch this video for our tip to beat the energy price rise
report on the 2022 energy price rise
August 2022 Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1 October 2022.
This comes as Ofgem’s CEO warns of the hardship energy prices will cause this winter and urges the incoming Prime Minister and new cabinet to provide an additional and urgent response to continued surging energy prices.
The new price cap level is based on a transparent methodology and calculations by Ofgem. The data is published on the Default tariff cap level: 1 October 2022 to 31 December 2022 publication.
The increase reflects the continued rise in global wholesale gas prices, which began to surge as the world unlocked from the Covid pandemic and have been driven still higher to record levels by Russia slowly switching off gas supplies to Europe.
The price cap, as set out in law, puts a maximum per unit price on energy that reflects what it costs to buy energy on the wholesale market and supply it to our homes. It also sets a strict and modest profit rate that suppliers can make from domestic energy sales. However, unlike energy producers and extractors, most domestic suppliers are currently not making a profit.
The price cap protects against the so called ‘loyalty premium’ where customers who do not move suppliers or switch to better deals can end up paying far more than others. Ultimately, the price cap cannot be set below the true cost of buying and supplying energy to our homes and so the rising costs of energy are reflected in it.
Although Ofgem is not giving price cap projections for January because the market remains too volatile, the market for gas in Winter means that prices could get significantly worse through 2023.
The numbers
the average costs increase are as follows
Electricity - was - 28p per kwh now - 52p per kwh
GAS was 7.4p per kwh now - 14.8p per kwh
consider reading our recent blog on more money saving tips
TOP 5 DONT'S to help save money on your high rising energy bills 2022
- TURN YOUR HEATING LOWER THAN 18 DEGREES
- TURN YOUR HEATING HIGHER THAN 20 DEGREES
- COVER YOUR RADIATORS WITH WASHING
- HAVE ALL RADIATORS ON MAX TEMPERATURE
- HAVE YOUR BOILER FLOW TEMPRETURE HIGHER THAN 60 DEGREES
TOP 5 DO'S to help save money on your high rising energy bills 2022
- TURN ALL RADIATORS DOWN TO NUMBER 1 or 2 IN ROOMS WITH MINIMAL USEAGE
- THINK CAREFULLY BEFORE USING YOUR THERMOSTAT
- CONSIDER A NEW BOILER
- CONSIDER UPDATING YOU RADIATORS
- HAVE YOUR LOCAL ENGINEER SET UP YOUR BOILER FOR MAX EFFICIENCY
your old Radiators are costing you bigtime with this further energy rise.
You might not have given much thought to a radiator and everything it does for you, for most of us, the radiator is a standard feature of the household, and it is something we all take for granted.
This is why many people end up struggling to manage their energy bills or the cold spots because they do not even consider getting a new radiator until it is too late.
We tend to assume that a radiator will perform as it should when we require it, but if you live in an older property, it is likely that the central heating system has not seen maintenance for many years and it may no longer be fit for purpose.
Replacing the radiators is more than an aesthetic upgrade, although this is also something worth considering if you are renovating and aiming to add value to your home and more importantly save money now.
watch the video and read the full report on if you should consider replacing your radiators
YOU OLD BOILER is a big culprit to costing your money every month
WATCH OUR VIDEO
and get more advice and why a new boiler will save you money on your high rising energy 2022, and remember , energy bills are predicted rise again in 2023.
you could get left behind if you do not act today.