THE BIG OCTOPUS FIX.
Energy prices are expected to rise in October 2021 when Ofgem reviews the price cap. Energy prices are already at an all-time high. Dual-fuel energy bills, however, are still expected to rise from £1,138 a year to £1,250 a year, up by £112.
Martin Lewis from Money Saving Expert has already warned that prices will rise in the autumn.
“I have never seen the energy market like this before,” Lewis told the BBC. “Wholesale prices, which energy firms pay, have rocketed. The cheapest fixed deals are approximately £100 a year more now than they were just three months ago, and £200 a year more now than they were a year ago.”
Ofgem sets the price cap twice a year, in April and October. With Energy analysts talking about issues with Gas supply due to increased demand in Asia and other logistical issues I think it’s obvious that in the next price cap review we can expect prices to increase yet again.
How to minimise the impact of Autumn prices rises?
If your energy deal is coming to an end I would suggest fixing your energy price with a new one. Octopus Energy currently offers 2 years fixed energy tariff with no exit fees. You can switch to another tariff if prices drop (which is highly unlikely) or if you find a better deal you can simply leave.
Octopus Energy have always historically stayed below the energy price cap. In fact it was CEO Greg Jackson who faught tirlessly for the price cap to be introduced in order to protect consumers from being ripped off. So you know your going to get a fair deal. However, if wholesale energy prices are on the rise Octopus Energy will have to pass on some of that cost to their customers. 👀
Stay safe and make sure you fixed your energy prices before October 2021! Here’s an interesting read on the predicted prices rises in the Guardian newspaper.
Posted by Sarah at www.octopusreferral.link