Energy Price Calculator: See how much extra you’ll | European Markets

Power payments are set to rise for thousands and thousands of households by an average of £9.25 a month beginning in April, as Ofgem broadcasts the new power price cap.

The regulator modifications the price cap each three months, with the latest one set to take impact on April 1 and proceed via to June 30.

The new cap means the standard family can pay £1,849 yearly for fuel and electrical energy for a normal dual-fuel direct debit plan.

This represents an average increase of 6.4% per family in comparison with the cap between January and March. On average, it really works out at an additional £111 a 12 months.

It additionally implies that payments might be 9%, or £159 increased than they had been on the similar time final 12 months.

Rising wholesale prices have been blamed for the rise by the regulator.

The cap doesn’t restrict family whole payments – the £9.25 month-to-month rise relies on typical utilization – however quite the quantities charged per unit and the day by day standing charge.

This implies the affect of these modifications will range from family to family, relying on how a lot fuel is used.

You may estimate how a lot your invoice will increase from April utilizing our power payments calculator.

Jonathan Brearley, CEO of Ofgem, says: “We know that no price rise is ever welcome and that the energy cost remains a huge challenge for many households.

“But our reliance on international gas markets leads to volatile wholesale prices and continues to drive up bills, which is why it’s more important than ever that we’re driving forward investment in a cleaner, homegrown system.

“If anyone is worried about paying their bills, I would urge them to reach out to their supplier to make sure they’re getting all the help they can. Where possible, switching or fixing tariffs now could also help to bring costs down and provide certainty over coming payments.”

How one can defend your self from the power price rise

In accordance with power regulator Ofgem, round 26 million households are on a Customary Variable Fee (SVR) tariff, which sees electrical energy and fuel charges change consistent with the price cap.

Nevertheless, these choosing a “fixed rate” deal can lock in costs decrease than April’s – and at the moment’s – cap.

Richard Neudegg, director of regulation at Uswitch.com mentioned: “If you are still riding the rising rates, now is the time to find a better deal.

“There are plenty of fixed deals available that are cheaper than today’s rates, let alone the higher April prices. A fixed deal could protect you from further price increases for 12 months or longer.”

In accordance with Uswitch, the most cost effective repair on the market from Outfox the Market may save the average family round £179 per 12 months versus the April price cap.

Mr Neudegg continued: “The larger suppliers are also vying for customers. The cheapest large supplier fixed deal is from British Gas and could save the average household around £172 per year against the April rates.”

He added: “Households still sitting on a deal linked to the price cap can absolutely beat the upcoming hike. We urge anyone who hasn’t switched in a year or more to see what savings they can make.”