As prices go up…

What a day to start the blog!

I’m not one to spread rumours and I get annoyed when the press jump on a subject that is designed to frighten the public but I have been itching to write about the energy price hikes for months now.

If you have been following it, this was actually announced back in February when the regulator, Ofgem, increased the price cap. This is the maximum energy producers are allowed to charge consumers and has been designed to prevent them charging extortionate prices just because they want to.

However, we’ve all witnessed what holding the price cap down has also done to the likes of People Energy and Bulb in recent months -they folded.

If you are on a fixed tariff you may be ok until the end of the contract. However the shock comes when the contract ends and you find it will massively increase to the current pricing. Shopping around is the best option before you get to that end date so it’s worth checking out your contract end dates.

The bill shock that will ensue from this enormous price rise (cap increased by 54% on electricity) will effect everyone. Without wanting to add any drama, there’s a tsunami effect here. Energy goes up, businesses put prices up, food and goods prices go up….and everyone feels the pinch. Plus expect another jump in October at the next price cap review.

If you run a business, I’m afraid it’s even tougher for you. Business energy tariffs tend to be higher (standing charge) and you pay VAT so non-VAT registered companies will be heavily hit.

However, this is one reason why I’ve moved head and heart into the renewables energy sector. There’s an opportunity to do good and make a real difference. In some ways, just as we did in the broadband sector, we’re going to have change some people’s minds and help them to see that there’s a better way. It also happens to be cleaner, safer and sustainable.

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