Home Business News New energy price cap comes into force with a ‘risk that prices could go up in the future’

New energy price cap comes into force with a ‘risk that prices could go up in the future’

by LLB Finance Reporter
1st Jan 24 9:13 am

With the new energy price cap rate coming into force today, going up by 5% to £1,928, So Energy have renewed calls for urgent reform of the retail market.

Moreover, on the day the new price cap rate was announced in November, So Energy launched their new fixed tariff, So Lily, that is cheaper than the new price cap rate – allowing people to have certainty over their bills whilst spending less.

So Lily is a 12-month fixed tariff with an estimated yearly cost of £1,899 equivalent to £29 less than the new price cap rate.

As one of the last challenger suppliers left in the market, and one that is backed by ESB’s resources and expertise having merged with the Irish utility in August 2021, So Energy is able to provide a unique, fresh view on the energy market and future reform.

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So Energy supplies over 325,000 households across Britain and now benefits from ESB’s 90 years of experience in electricity generation, transmission, distribution and supply who have invested over £2billion in Britain’s energy infrastructure over the past three decades.

Simon Oscroft, Interim CEO and Co-Founder of So Energy said, “So Energy has been one of the only suppliers in the past 12 months to offer customers a price cap beating fixed tariff.

“On the day Ofgem announced another price cap increase, effective from today, we launched a fixed tariff – So Lily – for new and existing customers that undercuts the new price cap level by around £30 a year.

“In today’s volatile market, with a risk that prices could go up in the future, customers can save money and lock in prices for 12 months.

“But despite these potential savings, customers are still going to pay more for their energy than last winter and double the price they were paying before the crisis hit two years ago, leaving 6.5 million households in fuel poverty.

“Over a year has passed since Chancellor Jeremy Hunt announced in the 2022 Autumn Statement that he would consider a ‘new approach to consumer protection from April 2024.’

“Time is running out to deliver on this, so we urge the Government to publish their new Fuel Poverty Strategy as soon as possible, and as part of this consider permanent measures to protect vulnerable households, including a Social Tariff.”

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