Tariffs news, page 5
- March 2024
Ofgem publishes discussion paper on the future of domestic price protection
Ofgem has opened a discussion on whether the default tariff price cap needs reform, seeking views by 10 May 2024 on how household price protection should work as the retail market changes.
Market Stabilisation Charge extension period ends
Ofgem has allowed the Market Stabilisation Charge to expire at the end of its extension period in March 2024, confirming no adjustment to the price cap for wholesale costs incurred between October 2022 and September 2023.
Ofgem publishes Future of domestic price protection discussion paper
Ofgem has published a discussion paper on the future of domestic price protection, asking whether the default tariff price cap should be reformed as the retail energy market changes.
OVO Charge Anytime beta in progress for Hypervolt chargers
Hypervolt has said it is working with OVO and Kaluza on a beta for OVO Charge Anytime, with news on next steps expected within weeks, alongside a new telemetry feature.
- February 2024
Utility Warehouse launches Fixed Saver 15 and Fixed 15 fixed energy tariffs
Utility Warehouse has launched two fixed energy tariffs priced below both the January and April 2024 price caps, with the cheaper option requiring customers to move two other services to the supplier.
Ofgem announces April-June 2024 price cap
Ofgem has set the April to June 2024 price cap, which the Resolution Foundation says will produce the second biggest percentage fall in consumer energy prices since the cap began in 2019.
Ofgem announces price cap level for 1 April to 30 June 2024
Ofgem has set the energy price cap for 1 April to 30 June 2024 at a typical dual-fuel annual bill of £1,690, a 12 per cent fall, with prepayment meters becoming the cheapest way to pay.
British Gas launches Price Promise tariff priced below Ofgem price cap
British Gas has launched a fixed-rate Price Promise tariff at £1,699 a year for average dual fuel use, promising to beat the Ofgem price cap until at least July.
Fixed-rate energy tariffs return to the energy market
Fixed-rate energy tariffs have started returning to the UK energy market, according to Home Energy Scotland, which says households should weigh contract length and exit fees before signing up.
Government applies prepayment meter discount
The government has applied a discount on prepayment meters since February 2024 so that customers are not financially penalised for being moved onto one.
Ofgem decided to extend the BAT for a further year
Ofgem decided in February 2024 to extend the ban on acquisition-only tariffs for a further year, citing residual risk in removing it and the Market Stabilisation Charge at the same time.
Price cap announcement applies discount to prepayment standing charges
The February 2024 price cap announcement applied a discount to prepayment standing charges, making prepayment slightly cheaper than standard credit for the first time.
- January 2024
Minimum Supply Prices from 1 February 2024 added
Government guidance for heat network support under the Energy Bills Discount Scheme was updated on 31 January 2024 to set out the Minimum Supply Prices applying from 1 February 2024.
Warm This Winter releases third Tariff Watch report on standing charges
Warm This Winter's third Tariff Watch report identifies 14 obscure charges inside the Ofgem price cap that it says have pushed electricity standing charges up 119 per cent since winter 2020/21.
Coalition members call for social tariff in Spring Budget
End Fuel Poverty Coalition members called in January 2024 for a social tariff to be included in that year's Spring Budget, as part of a long-running campaign for energy tariff reform.
New UK-EU Rules of Origin scheduled to begin
The Society of Motor Manufacturers and Traders has warned that tougher UK-EU Rules of Origin begin on 1 January 2024, with electric vehicles traded both ways facing possible tariffs.
Good Energy launches Export Only tariff
Good Energy launched Export Only in January 2024, a 4p per kWh export tariff open to any household with a smart meter and a certified renewable installation, without requiring a Good Energy import deal.
Octopus Energy launches UK's first vehicle-to-grid tariff
Octopus Energy launched Octopus Power Pack, described as the UK's first vehicle-to-grid tariff, at the beginning of 2024, following a vehicle-to-grid trial with National Grid ESO in 2022.
Ofgem price cap rises in January 2024
A quarterly Tariff Watch report from the Warm This Winter coalition says 14 obscure charges, passed through standing charges, are keeping electricity bills at record levels after January's price cap rise.
Price cap expected to rise around 1% in January 2024
Cornwall Insight expects the Ofgem price cap to rise by around 1% in January 2024 after European gas prices rose again, taking a typical annual bill to about £1,932.
- December 2023
Octopus Electroverse launches Plunge Pricing
Octopus Electroverse launched Plunge Pricing at the end of 2023, cutting public charging prices during periods of high energy supply, with discounts that vary by event and operator.
- November 2023
Prepayment meter regional rates for January to March 2024 added
The government has published Energy Price Guarantee regional unit rates and standing charges for prepayment meters covering January to March 2024, the final quarter of the scheme.
Ofgem to announce January 2024 unit rates
Which? has said its published appliance running costs will be updated once Ofgem announces January 2024 unit rates, with those rates and the running costs expected to rise.
Ofgem publishes updated default tariff cap levels for 1 January to 31 March 2024
Ofgem has set the default tariff cap for 1 January to 31 March 2024, raising the dual fuel direct debit level to £1,928, a 5% increase on the previous quarter.
Statutory Consultation on levelling standing charges published
Ofgem has published a statutory consultation to level standing charges so prepayment and direct debit customers pay the same daily charge, alongside a price cap rise of 5% from January 2024.
Campaigners call on Chancellor for Emergency Energy Tariff and Help To Repay scheme
Health, poverty, housing and environmental organisations and academics have written to Chancellor Jeremy Hunt urging an Emergency Energy Tariff and a Help To Repay scheme for households in energy debt.
Emergency Energy Tariff proposals presented to Government
Proposals for an Emergency Energy Tariff, using the Energy Price Guarantee mechanism, were presented to Government to ease the energy bills crisis in winter 2023/24.
Good Energy Default tariff rates change for non Direct Debit customers
Good Energy has ended the Direct Debit discount for non Direct Debit customers on its Default tariff from 1 November 2023, raising rates for those paying by other methods.
Ofgem publishes statutory consultation on levelling standing charges
Ofgem has published a statutory consultation proposing to level standing charges between prepayment and direct debit customers, cutting bills for prepayment households by around £50 a year.
- October 2023
Utilita Power Payback service starts
Utilita told customers its Power Payback service would begin on 30 October 2023, paying them for cutting electricity use during notified events.