Tariffs news, page 7
- April 2023
Budget 2023 equalises prepayment meter and direct debit prices
The Spring Budget 2023 confirmed that prepayment meter prices would match direct debit prices from April 2023, ending the long-standing premium paid by households who top up.
Energy price cap due to rise in April 2023
The National Insulation Association has told a government consultation that a further 20% rise to the energy price cap was expected in April 2023, as it pressed for faster delivery of insulation under the ECO+ scheme.
flexi-2023 cost components change at 1 April 2023
ScottishPower has published revised third party cost components for its flexi-2023 variable tariff from 1 April 2023, with Transmission Network Use of System moving from the unit rate into the daily standing charge.
GBIS allowance included in the default tariff cap from April 2023
Ofgem has included an allowance for the Great British Insulation Scheme in the default tariff cap from April 2023, passing the cost of the renamed ECO+ scheme to billpayers.
Ofgem price cap change brings highest standing charges since 2019
Ofgem's price cap from 1 April 2023 brings the highest standing charges since the cap began in 2019, up 64%, as National Energy Action warns 7.5 million households will be in fuel poverty.
Quarterly change to Flexi variable costs from 1 April 2023
ScottishPower has published the Flexi variable cost breakdown applying from 1 April 2023, showing a sharp fall in electricity distribution standing charges and a new transmission standing charge.
- March 2023
Which? publishes response to BEIS carbon content transparency consultation
Which? has told BEIS that green and renewable tariffs need standardised definitions, mandated sourcing information and a framework that covers electric vehicle charging and green gas.
Power NI announces underlying unit price decrease offset by reduced EPG support
Power NI has cut its underlying residential electricity unit price by 6.61p per unit, but a larger reduction in Energy Price Guarantee support means bills rise 14 per cent from 1 April 2023.
EPG extended to end of June 2023 and April to June rates added
The government extended the Energy Price Guarantee to the end of June 2023 and published the regional unit rates that apply to standard variable tariffs from April to June 2023.
Government announces prepayment standing charge compensation in the Budget
The UK Government said in its 15 March 2023 Budget that it will compensate prepayment customers for higher standing charges from July 2023 to March 2024, at a cost of £200 million.
NEA publishes response to Ofgem call for evidence on prepayment rules and protections
National Energy Action has published its response to Ofgem's call for evidence on prepayment rules, naming four areas it says need significant consideration before protections are settled.
OVO Energy launches Kaluza-powered Charge Anytime EV charging plan
OVO Energy has launched Charge Anytime, a smart charging add-on giving eligible customers a flat 10p per kWh rate for electric vehicle charging, separate from their household electricity.
Chancellor announces Energy Price Guarantee
The Chancellor announced the Energy Price Guarantee in March 2023 to address higher prepayment costs, a scheme later replaced by prepayment levelisation from April 2024.
EDF raised SEG Export Variable rate from 1.5p to 3p per kWh
EDF raised the rate on its no-strings SEG Export Variable tariff from 1.5p to 3p per kWh in March 2023, a rate that has since stayed unchanged while average export prices moved higher.
UK government announces plan to equalise prepayment and Direct Debit tariff costs
The UK government said in March 2023 that it would work to equalise the cost of prepayment and Direct Debit tariffs, addressing a gap in what households pay for the same energy.
Octopus Flux tariff launched
Octopus Flux, a variable import and export tariff for homes with solar panels and a battery, has been available since March 2023 and changes every three months with Ofgem's price cap.
Ovo and SSE launch fixed tariffs estimated to yield suppliers around £484 and £469 profit per customer
Analysis by Future Energy Associates estimates that two new one year fixed tariffs from Ovo and SSE will earn suppliers £484 and £469 profit per customer while costing households more than the price cap.
Smart Pay Energy withdrew from the SEG during Year 3
Ofgem's SEG annual report records that Smart Pay Energy left the scheme part way through Year 3 against policy, and will be added to the Supplier Performance Report.
Spring Budget announces alignment of direct debit and pre-payment meter charges
The Spring Budget confirmed that charges for comparable direct debit and pre-payment meter customers would be aligned, ending the premium pre-payment customers pay for their energy.
Tesco raises EV charging prices
Tesco raised the cost of charging an electric car at its stores in March 2023, with the 7kW rate rising from 28p to 44p per kWh, ending the free charging it once offered.
- February 2023
Ofgem to announce April to June price cap level
Ofgem will set the April to June price cap on February 27th, with suppliers writing to households within days, as Energy UK urges the government to hold the Energy Price Guarantee at £2,500.
Ofgem sets price cap at £3,280 for April to June 2023
Ofgem has set the energy price cap for 1 April to 30 June 2023 at £3,280 for a typical dual fuel direct debit household, down from £4,279, but the Energy Price Guarantee rises to £3,000.
Call for evidence on prepayment rules launched
Ofgem opened a call for evidence on prepayment meter rules on 21 February 2023, the first step in a process that ended with new licence conditions taking effect on 8 November 2023.
ScottishPower launched SMART GEN and SMART GEN + tariffs
ScottishPower launched SMART GEN and SMART GEN + export tariffs on 16 February 2023, with Ofgem later recording SMART GEN as the highest unbundled Smart Export Guarantee rate of SEG Year 3.
Ofgem opens Call for Input on proposed TDCV updates
Ofgem has opened a Call for Input on proposed updates to the gas and electricity Typical Domestic Consumption Values and the Economy 7 peak and off-peak split, with comments due by 27 March 2023.
- January 2023
First live DFS event held
The first live Demand Flexibility Service event on 23 January 2023 paid 400,000 households and businesses £3.37 per kilowatt hour for electricity demand they reduced.
Prime Minister says consulting on options including a social tariff
The Prime Minister told the House of Commons on 18 January 2023 that the Government was consulting on options for energy bills, including a social tariff, as part of wider reforms of the retail energy market.
2023 Flexi variable cost values take effect for 1 January 2023
ScottishPower has published the first of three quarterly sets of variable cost values for its 2023 Flexi product, covering the period from 1 January 2023.
Charities call for social energy tariff as research shows a quarter of over-60s in cold homes
Age UK polling shows a quarter of over-60s live in homes colder than they would like, as 100 charities and non-profits write to the Chancellor calling for a social energy tariff.
Economy 7 electricity tariffs rise by an average of 7.6%
Electricity-only Economy 7 customers saw average annual bills rise by £116 from 1 January 2023, a 7.6% increase driven largely by EDF and Scottish Power raising Economy 7 rates.