Beat the cost of rising energy bills

You may have seen in the news that energy prices are rising again as Ofgem raises the energy price cap by 10%. But what is the energy price cap? This is a limit set by Ofgem, the UK’s energy regulator, on the maximum amount that energy suppliers can charge consumers for each unit of gas and electricity. This cap is reviewed and adjusted every three months to reflect changes in the wholesale energy market. The aim of the energy price cap is to protect consumers from excessively high energy costs.

In October, the energy price cap is being increased by 10%. This change is expected to lead to higher energy prices, as suppliers will have more flexibility to adjust their rates based on market conditions. You may face increased energy bills, with bills expected to rise by £149, making it even more important to find ways to save on energy costs. Exactly how much you’ll pay will vary depending on how much energy you use.

Energy prices fluctuate due to various factors, including changes in the cost of wholesale energy, supply and demand, world events, and weather conditions. For example, if there is a high demand for energy during a cold winter, prices may rise. Similarly, if there are disruptions in the supply of energy, such as a pipeline closure, prices can also increase. Ofgem have said this rise is the result of increased prices on the global gas market. Our reliance on gas is a further reason for moving to greater use of renewable energy and greater energy efficiency in our homes alongside combatting climate change and cheaper bills in the long-term.

Energy is normally measured in kilowatt hours by energy suppliers with one kilowatt hour equal to one kilowatt of energy used for one hour. From October 1 until December 31 2024, the unit rate for electricity will rise from 22.36 pence to 24.50 pence per kilowatt-hour, with a standing charge of 60.99 pence per day. Gas is rising from 5.48 pence per kWh to 6.24 pence with a standing charge of 31.66 pence per day. You’ll pay the standing charge no matter how much or little electricity you use.

We know that rising energy bills are a major cause for concern in Oxfordshire – that’s one of the reasons we’ve launched our Energy Saver App. By following the advice and insights and getting control over your energy usage, you can save over £200 on average a year on your bills and beat rising energy bills. For example, you can be notified when devices are coming on that shouldn’t be, follow energy saving tips to make simple changes to your home, and determine what types of appliances are costing you the most energy. If you decide to switch supplier you don’t have to worry – our app won’t be affected and will still work with your new supplier. All you need to use the app is a smart meter and live in Oxfordshire.

That’s not all – starting this September, in response to the energy price cap rises we’re running a new competition to help you with your bills. Every month for the next three months we’re offering three lucky winners the chance to win back their energy bills for the month and get £225 in cash.

If you are an Oxfordshire energy bill payer, to enter the prize draw all you need to do is download Energy Saver App, connect your smart meter, then make sure you log in to the app to view tips and savings every month, and you’ll be automatically entered into the Energy Saver App Fuel Bill Giveaway draw for the prizes that month.