There’s a lot going on in the energy market right now. We explain what’s happening, what it means for you and what we’re doing to help.
There’s been a surge in wholesale energy prices because demand is much higher, and supply is lower. Prices dropped when countries went into lockdown during the Coronavirus pandemic. As economies opened back up the demand for energy grew massively.
There’s also been other factors which has driven the spike:
Gas prices alone are the highest they’ve been in the past 15 years. They’ve increased by 250% since January this year . Wholesale electricity prices have also reached a record high since 1990.
Wholesale prices make a difference to your energy bills because these are the prices energy companies pay for the gas and electricity we supply to your home.
As you’ll know we’re part of British Gas and part of the Centrica group. We’ve got a 200-year heritage and between British Gas and Evolve we supply more than 7 million customers. Our financial position is stable. We’ve fixed the price of our energy purchases ahead of the rest of 2021. This is known as hedging. You can rely on us.
British Gas has also stepped in as Supplier of Last Resort (SoLR) working with Ofgem, the UK’s energy regulator, for some of the energy suppliers that can’t continue running. This makes sure that customers, whose supplier has stopped trading, keep getting energy.
We’re also here to help our current customers.
If you’re on our Standard Tariff from 1st Oct, 2021 your prices will increase in line with Ofgem’s energy price caps But we won’t increase your Direct Debit to help keep costs affordable this winter. If you’d rather manage the price increase now, you can do this through your online account.
If you’re on a fixed price tariff with us, then the price of your tariff won’t go up or down. Unless :
If your fixed price tariff is due to end shortly, then we’ll offer our best prices. These will be higher than your old tariff. This is because the wholesale cost of energy is higher than what it was when you agreed your original tariff. Agreeing a new fixed price tariff for one year may help protect you against two further price cap changes.
If you find yourself in difficult circumstances, then we’re here to help. If you’re struggling to pay your bill, we can work with you to help get you back on track.Help with your bills
Doing little things can make a big difference to our bills Using less energy in your homes is a good way to save on your energy bills.
We’ve produced a quick guide of energy saving tips.Energy saving tips