Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |Ofgem proposals aim to avoid price shocks on energy bills

Latest news

Browse by category
Business News

Ofgem proposals aim to avoid price shocks on energy bills

May 23 2022

Household energy bills could change every three months under new plans proposed by the energy regulator Ofgem.

Currently, gas and electricity bills are updated every six months and the increased frequency would aim to avoid price shocks. The plans would mean price falls and rises would be passed on to customers more quickly.

The price cap – which is the maximum price per unit that suppliers can charge customers – is updated twice a year in April and October.

Last month, a typical energy bill jumped from £1,277 to £1,971 and is forecast to rise a further 32% when the cap is revised again in October.

For people on prepayment meters, the price of energy has now risen by an average £708 to £2,017 a year.

Ofgem's Chief Executive, Jonathan Brearley, said: 'The proposed change would mean the price cap is more reflective of current market prices and any price falls would be delivered more quickly to consumers.

'It would also help energy suppliers better predict how much energy they need to purchase for their customers, reducing the risk of further supplier failures, which ultimately pushes up costs for consumers.'

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.