Big announcements are expected tomorrow.
The energy price cap will increase in price on the 1st April 2022. Tomorrow, 3rd February 2022, we will find out how much that will be. The energy price cap is currently approximately 21p a kWh for electricity and 4p a kWh for gas but is expected to rise by over 50%.
To be honest I just want the announcement to be over! It is such a worrying time for everyone. I am assuming this is why the announcement has been brought forward.
Without having the figures confirmed there is speculation that someone on typical energy use (3 bedroom property) could expect to see their energy bill to go up by around £600 a year! That’s a staggering amount of extra money to find.
Is there any positive news?
The government is also expected to announce measures to help soften the blow of the energy crisis tomorrow. As I understand it they will hand over a whopping 6 billion pounds to UK energy firms. This will then be used to reduce energy bills.
It isn’t clear quite how this will work but I am sure we will find out soon. I hope that the cash injection will mean Octopus can offer a new fixed rate tariff that is less than the April energy price cap. Customers will then be able to lock in an energy price that will see them through to the spring of 2023.
I have no idea if this will happen but I really hope it does!! Russia is still causing problems around Ukraine and who knows what could happen in the future!
I’ll keep you posted.
I will update my Octopus tariffs page if any new Octopus fixed rates become available. I am hoping that like British Gas the Octopus online quotation system will come back online very soon.
Fingers crossed for some positive news!!