British Gas has issued a £149 warning to customers ahead of the energy price cap next month.
The largest energy firm in the country said: “Ofgem will increase the energy price cap by £149 on October 1.
"We’ll keep this page updated, so you know what this means for you if you’re on a variable tariff. With prices set to increase this winter, now could be a good time to choose a fixed tariff.
The head of Ofgem, which boasts its job is to protect energy customers, explains its increasing bills by 10% because it has to allow energy companies to make a small profit.
— Saul Staniforth (@SaulStaniforth) August 23, 2024
Last year British Gas profits increased 10 fold to £750m. pic.twitter.com/8mYnScxuLg
“On 23 August, Ofgem announced that energy unit prices and standing charges will increase from 1st October. If you’re on a variable tariff, this means you’ll pay more for your energy. The energy market has been more stable recently, but surprises can happen. Global politics play a big role in energy prices.
"For example, if conflicts in Ukraine, the Middle East, or Taiwan worsen, wholesale gas prices could go up. This would eventually mean higher bills.”
British Gas is offering a 12-month fix for new and existing customers at six per cent more than the July price cap - but under the forthcoming October cap.
It is available as dual-fuel, electricity-only or gas-only. Smart meters are not required.
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Money Saving Expert, the consumer site founded by Martin Lewis, explained: "British Gas is also offering half-price electricity until 8 September 2024 on Sundays to some eligible customers."
British Gas has said: "Fixed energy tariffs could be best if you want a fixed price for the length of your contract, pay by Direct Debit or on receipt of your bills and understand exit fees apply if you leave us."
Energy costs can increase or decrease depending on the latest energy prices.
The price cap is currently reviewed every three months, so the gas and electricity prices you pay will change regularly.
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