Rising Energy Prices

Energy prices when up on April 1st. Here's what you need to know...

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You may have seen quite a lot in the news recently about the upcoming rises in energy prices. From 1st April the Ofgem energy price cap is due to rise by 54%. This means that if you’re currently paying your gas & electricity bills by direct debit you could see a rise of around £693 per year based on the average household energy bill.

The price cap increase will not affect you if you are currently in a fixed rate tariff with your gas or electricity supplier, it only applies to standard variable and default energy tariff customers. If you’re unsure of what tariff you are currently on we’d recommend that you contact your energy supplier for confirmation.

It’s important to also note that new cap level isn't the maximum anyone will pay. The price cap sets a limit on the rates you pay for each unit of gas and electricity, so if you use more, you'll pay more.

Martin Lewis has some good advice on what steps you can take to try and mitigate the impact of the price cap increase on his Money Saving Expert site here.

If you’re struggling financially we would recommend that you apply to the University for additional financial support towards your living costs. 

UK students should apply to the Discretionary Fund and EU/International students can apply to the Emergency Hardship Fund.

 

We also have some advice on how to make sure you’re paying the right amount for your fuel bills on our website here.

On this page you’ll find reference to what to do if you are considering switching energy supplier. Our advice at the minute is to look very carefully at your existing tariff and what you could potentially be switching to as the current price increases are unprecedented. There is further advice on what to consider when looking at switching your tariff due to the increase in the energy cap on the Money Saving Expert website here.

or remember that Advice Centre are here to help you - you can in touch with us for free, impartial and confidential advice by emailing advice@src.gla.ac.uk

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