Utility Bidder asks you two quick questions to ensure energy savings for consumers. When was the last time you made a comparison between gas and electricity prices on your bills with the latest offers in the market? Do you know how easy it is to switch to a cheaper energy provider? OFGEM, which is an abbreviation for the Office of Gas and Electricity Markets, regulates energy prices in Great Britain. Here you can get Beauty Spas Compare Gas Electricity Price.
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What Is The Role Of OFGEM?
OFGEM regulates the price cap on energy suppliers every six months. This is done to corroborate that energy suppliers charge consumers fair prices for their services. On 1 April 2021, Ofgem lowered the price cap to pre-pandemic levels due to the changes in wholesale energy prices. But that does not mean that you, the energy consumer, are paying the lowest price based on the standard variable tariff set by OFGEM.
Understanding The Standard Variable Tariff
More than 11 million consumers of the ‘Big Six’ energy providers (British Gas, EDF Energy, E.ON UK, Npower, Scottish Power, and SSE) are currently on the standard variable tariff. Being on the standard variable tariff does not mean that you are paying the cheapest rates for energy prices. On the contrary, the standard variable tariff is ‘an energy supplier’s most basic offer’ that will be applied for an ‘indefinite length of contract’. This means that the standard variable tariff is the energy supplier’s most expensive tariff with extensive terms and conditions.
The National Grid is responsible for managing and operating the electricity and gas networks in the United Kingdom and the northeastern United States. Any National Grid rates increase or change in tariffs for electricity or gas would be determined by various factors, such as government policies, fuel costs, infrastructure investments, and regulatory decisions, among others.
The same energy provider will have other offers that are much cheaper than the standard variable tariff. Even so, more than 53% of UK beauty spas are on their supplier’s standard variable tariff. More than half of those consumers have been on their energy supplier’s most expensive tariff for more than three years. The surprising fact is that a majority of consumers end up on the standard variable tariff, not by their choice.
Why is that so? A majority of these consumers did not choose a tariff more specifically related to their specialisation in the industry. They chose a cheaper deal for a shorter duration that expired and that is why these consumers are now on the energy provider’s standard variable tariff. Another reason could be that they recently set up shop here and did not bother to compare gas and electricity prices with energy suppliers.
The Advantages Of Comparing Gas And Electricity Prices
Selecting a fixed-rate deal with your energy provider means that you do not need to compare gas and electricity prices every month to look for the best deal. You get the best energy prices for the year and make savings of at least £200 annually in comparison to the standard variable tariff. The only information you need to compare gas and electricity prices is the name of your current energy supplier and the rates you are currently paying with them. There are several different gas and electricity comparison websites like the Utility Bidder.
You can view offers based on your current price to make the biggest savings on your bills. You can view offers based on energy suppliers or their service ratings. Lower prices do not always mean that you will get lower service. Most energy providers are available for their consumers looking for answers around the clock through their call-centre or online services.
