We all need heat and light to live. Unfortunately the cost of making our homes comfortable has increased dramatically, and energy has become a bigger proportion of a typical household’s living costs.
The energy market is in crisis, with extreme volatility in energy wholesale prices leading to the collapse of multiple energy companies in the last 12 months.
The market is regulated by the Office of Gas and Electricity Markets, known as Ofgem Authority, whose role is to protect consumers by promoting competition and setting the price cap, which is a limit providers are allowed to charge you per unit of energy. It’s directly linked to wholesale energy costs and will next be updated in October 2022, it’ll then be reviewed every 3 months.
<aside> 💡 The price cap is a limit on the price per unit of energy you use and is not a cap on your overall bill, which is determined by how much energy you use.
This page provides and overview of the major UK energy providers, summarises recent industry news, and gives some advice and tips, as well as sources for further support.
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The top 8 providers account for 80% of the UK gas and electricity market.
Our expert take on how to get the best energy provider for your household. Our independent and honest reviews of each provider collate information from trusted sources into one place to guide you in finding the best solution for your electricity and gas needs.
<aside> 🛠️ For the most up-to-date practical advice, read our guide to Saving money on energy.
This is a worrying time for households as the energy crisis means that bills are at unprecedented levels.
High energy prices are a concern for households and will become a greater concern as we move into October. Use our household forecast at Nous.co to help you plan and budget ahead.
Most households are now on their providers Standard Variable Tariff, which is now set at the level of the energy price cap, set by Ofgem, the energy regulator. Its a limit on the price per unit of energy your provider can charge you, it is not a cap on your total bill.
Latest industry predictions are that the average bill could rise to over £3000 from October 2022.
You can find out more about the energy price cap on our blog: Making sense of the energy price cap
There has been little in the way of options for customers looking to save money by switching in 2022, there are occasionally existing customer deals which could help you save.
Martin Lewis talks here about understanding your options is it time to fix my energy bill?
In May, the government announced a support package to help with increasing energy bills: Government support for energy bills
<aside> <img src="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/9ae4fcda-a6c4-4f18-83fd-b67c9dc3e0b5/arch-yellow.png" alt="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/9ae4fcda-a6c4-4f18-83fd-b67c9dc3e0b5/arch-yellow.png" width="40px" /> If you are having difficulties with paying your energy bill, help is available. First speak to your provider who is obliged legally to take steps to help you. You may also find it useful to check our page cost-of-living resources **