Utility Market Update: Price Rises, Winter Outlook & Money-Saving Tips
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It's been another eventful few months in the energy market, and unfortunately the direction of travel hasn't been the one many consumers were hoping for.
Household Energy Bills Rise Again
From 1st July, Ofgem's energy price cap increased by 13%, taking the average annual household bill to around £1,862 for a typical home. The increase was largely driven by higher wholesale gas prices and instability in global energy markets.
If you're still on a standard variable tariff, it's worth checking whether a fixed-rate deal could offer savings and protection against any future price rises.
Quick Tip
If your energy supplier offers a smart tariff and you have a smart meter, shifting energy-intensive activities such as EV charging, washing machines and dishwashers to off-peak periods can significantly reduce costs.
Could Prices Rise Again This Winter?
Recent tensions in the Middle East have pushed oil and gas prices higher, and wholesale markets remain volatile. While nobody can accurately predict future energy prices, analysts are warning that further increases cannot be ruled out if global supply concerns continue.
For customers seeking budget certainty, fixed-price energy contracts remain worth considering.
Business Energy Costs Still Under Pressure
Business energy prices are currently well above historical norms and remain one of the biggest concerns for UK companies. Industry groups have recently called on the Government to reduce energy-related charges, arguing that UK businesses are paying some of the highest electricity prices among major developed economies.
The good news is that many business energy contracts available today are still significantly cheaper than those seen during the energy crisis of 2022-23, and some suppliers are currently offering competitive fixed-rate deals.
Business Tip
If your contract expires within the next six months, start comparing prices now. Leaving renewals until the final few weeks often limits your options and bargaining power.
Water Bills and Business Water Switching
Many businesses in England and Scotland are still paying more than they need to for water services.
Unlike household water customers, businesses can choose their water retailer and potentially reduce costs through better tariffs, water efficiency measures and consolidated billing. If you've never reviewed your water contract, now is a good time to do so.
Don't Forget About Standing Charges
While unit rates attract most of the attention, standing charges continue to account for a substantial proportion of many energy bills.
Reducing consumption is important, but reviewing tariffs regularly remains one of the easiest ways to save money without changing your lifestyle.
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Whether you're looking for:
• Home gas and electricity prices
• Business energy contracts
• Business water rates
• Business telecoms
• Card payment solutions
we're here to help.