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The drop is down to Ofgem lowering the price cap on standard and default tariffs from £1,254/yr for a typical user, to £1,179/yr. For an average household, this means a likely price cut to bills of £75/yr from Tuesday 1 October, as most suppliers are expected to price within just a few pounds of the new level. This isn’t the maximum you can be charged, though. 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.  However, don’t be fooled – even after this cut, most could still saveRead More →

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The supplier is set to pay out £390,000 in total, including £190,000 in refunds and compensation for charging too much under the price cap, and a further £200,000 to Ofgem’s voluntary consumer redress fund, which helps support vulnerable customers. Under Ofgem’s price cap monitoring, it found that Shell Energy had overcharged 12,000 customer gas and electric accounts – affecting around 9,000 individual customers – between January and March 2019. As Shell Energy – which was trading under First Utility at the time – has agreed to refund and compensate its customers, Ofgem has said it will now not take enforcement action against the supplier. The price cap, introduced inRead More →