YOUR GUIDE TO THE ENERGY CRISIS?

Energy bills to increase from the 1^st October 2021.

First of all, it's important to note that the government and Ofgem, the regulator, have said

that the increase in gas prices is "not an issue of supply" and that the UK "benefits from

having a diverse range of gas supply sources with capacity that can more than meet

demand."

How is this going to impact your energy bills?

This depends on your energy supplier and your current tariff. You can check both of these

using a recent energy bill. If you're on a fixed price tariff, the price you pay per unit of

energy used won't change until the end of your fixed rate period.

If you're on a standard variable tariff or prepayment meter, you will be subject to

the Energy Price Cap, which puts an upper limit on the maximum price your supplier can

charge you per unit of energy. The cap and most standard variable tariffs will increase by

12% on 1 October 2021.

If you do want to shop around to see if you can find a better deal on a fixed tariff, we suggest doing so sooner rather than later.

Is there financial support available to help me pay my energy bills?

If you are finding it difficult paying your bills, contact your energy supplier as soon as

possible. Most suppliers do have support available for low income and fuel-poor households

struggling with their energy bills. This includes the Warm Home Discount, which provides

eligible households with a £140 discount, and Winter Fuel Payments and Cold Weather

Payments, which "will help ensure those most vulnerable are better able to heat their homes

over the colder months".

What will happen if my energy supplier goes out of business?

There's no need to panic if your energy supplier goes out of business - your power will

not be cut off. The government and Ofgem have stated that the current crisis "is not an

issue of supply" and "the United Kingdom benefits from having a diverse range of gas

supply sources with capacity that can more than meet demand." Instead, Ofgem will

appoint a "Supplier of last resort" and customers of the failed supplier will be switched to

the new supplier on a new "deemed" contract, with energy supplies will continue as

normal as they are switched over. Even if you would prefer to look for an alternative

supplier yourself, you're advised to record some meter readings, wait until you have

been contacted and moved to the newly appointed supplier before switching - it should

only take a few weeks.

I hope you have found this helpful; should you have any queries with reference to the above please do not hesitate to contact me at the office. Stephanie Slade, Senior Property Manager. Stephanie@mandmprop.co.uk, 01474 321957.