Ofgem suggests contacting your supplier as soon as you can if you are worried about paying your energy bills
ENERGY PRICE CAP: Ofgem has confirmed that the energy price cap will be updated quarterly, rather than every six months
Saying the change will provide some stability for the market following Russia’s actions in Ukraine leading to ongoing volatility, the regulator added it is “not in anyone’s interests for more suppliers to fail and exit the market”. Variable tariffs have previously been more expensive than fixed-rate deals and people are often on these tariffs if they have never switched suppliers, a fixed term has ended or their supplier has gone bust.There is also a separate price cap for customers on prepayment meters.
Ofgem also considers the operating costs and profit margin of suppliers. In addition, environmental obligations and taxes can be considered as part of the price cap figures.The recent surge in energy prices has been driven by wholesale prices, specifically the soaring cost of gas. More recently, the invasion of Ukraine by Russia has led to a restriction of Russian gas which has in turn pushed prices higher. In the UK, very little gas is sourced from Russia but this has not shielded suppliers from the pricing impact across the rest of Europe, which typically sourced around 40% of natural gas from Russia. or are in debt to your supplier.
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