The energy price cap was introduced in January 2019 to put a lid on standard variable tariffs, the basic rate that energy suppliers charge if a customer does not opt for a specific fixed-term deal. It had been due to expire at the end of this year.
The government said the move has so far saved customers around 1 billion pounds ($1.3 billion) a year, equivalent to around 75-100 pounds a year for typical households on default energy tariffs.
Under the extension, a total of around 11 million households across Britain will be protected from being overcharged on their energy, the government said.
“Switching energy supplier to find the best value deals is still the best way to save on bills, but this government is determined to make sure all customers are treated fairly and get the protection they deserve,” said the government’s business and energy Secretary Alok Sharma.
In August, the country’s energy market regulator, Ofgem, recommended an extension to the cap following a review into the market. The government’s announcement follows that advice.
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If you’re already with the cheapest energy supplier in your area, you’ll find out immediately and there will be no need to switch. The only thing that you will have to do is make sure you are on there cheapest tariff.
As soon as you’ve filled your postcode in and answered a few questions, which literally takes a few minutes, you’ll see a list of all the cheap energy suppliers in your area. This will also include how much you can save with each energy supplier when you make the switch online. You can then go ahead and choose the best energy supplier that offers you the most savings and we will send you an email to confirm the switch. The details are processed and forwarded to the supplier. The supplier will contact you to confirm the date on which your new service will commence. You will have to take a meter reading on this date, to ensure you’re not billed twice for the same energy.
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