Philip Kelly, Aspire's Money Matters Specialist writes:

The imminent rise in gas prices is set to affect many consumers in the coming months and are happening for two main reasons:

  1. There has been a global rise in wholesale gas prices (amount providers pay for the gas) which, in turn, providers will need to pass onto consumers in order to remain viable.
  2. The Energy Price Cap is the maximum providers can charge consumers who are on Variable or Default Tariffs for their energy. This is set by Ofgem (the energy regulator) and is linked to the cost of wholesale energy. From 1st October 2021 this will rise by a further £139 per year to £1,277, its highest ever level. This is in addition to an £89 increase in April this year.  The cap for those on pre-payment meters will rise further to £1,309.

The increase won’t affect customers on fixed tariffs who are already protected from price rises but may impact their choices when their fixed rate period comes to an end.

Take action to avoid hardship

If you are struggling to pay your energy bills, or think you are going to, you should contact your energy supplier as soon as possible. 

Energy suppliers have signed up to an industry commitment to reach out to those who most need help this winter.  Customers may be eligible for help such as debt repayment plans, payment breaks, emergency credit for pre-payment meter customers and possibly the £140 Warm Home Discount rebate. Customers can ask their provider to put them on a better deal if eligible or shop around for better deals using comparison websites to switch provider.

Don’t forget it’s not just gas, if you have any concerns with meeting commitments such as electricity, water, council tax, credit , loans, rent or mortgage always talk to your provider as soon as possible so they can work with you to overcome difficult times.

If you need any further help or just want to talk things through Aspire's Money Matters offers free impartial guidance to people affected by Spinal Cord Injury about effective budgeting, keeping control of finances and, where needed, help to become debt free.

For free and impartial guidance call our Money Matters Specialist on 020 8420 8960.

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