Energy suppliers including British Gas, E.on and SSE have confirmed their new standard and default tariffs under the April price cap.
The regulator Ofgem has confirmed it is increasing its price cap by £693 from £1,277 to £1,971 from April 1 - up by 54% and a huge hit to household bills.
Prepayment customers will be worse off, with a jump of £708 from £1,309 to £2,017.
The energy price cap sets a limit on the rates a supplier can charge for each unit of gas and electricity you use and is currently reviewed twice a year.
It isn't a cap on your total bill - as the name suggests - so if you use more energy, you'll pay more, or use less and you'll pay less.
At the moment, rising energy bills mean there are no fixed-rate deals on the open market that beat the price cap - leaving many households best off on standard variable rates.
This means the usual advice of switching energy suppliers has been turned on its head during the cost of living crisis, due to sky-rocketing wholesale gas prices.
The only exception is for some existing customers, who may find their energy provider offers them a deal that matches - or betters - the price cap.
Are you worried about how you'll pay your energy bills? Let us know: mirror.money.saving@mirror.co.uk
For example, earlier this month, a cheap fixed-rate deal by E.on was pulled just hours after it was flagged by Martin Lewis.
The MoneySavingExpert founder had flagged the E.on Next Online V11 one-year fix to his 1.3million followers on Twitter, which was set at the same rate as the April 2022 price cap.
The Ukraine crisis also means energy prices are predicted to rise even further later this year, with experts warning that we could see another 40% rise on the price cap in October.
Energy suppliers' standard tariffs from April
Unsurprisingly, the majority of energy firms have hiked their standard tariffs to the maximum allowed by the April price cap.
The major exception is Octopus Energy, which has announced a new loyalty tariff which is £50 below the price cap.
The new rate applies to the Octopus Flexible variable tariff, which is being quoted at £1,921 a year for someone with typical energy use.
But it is only available to customers who joined the energy firm by March 3, 2022, or if you’re coming off a fixed deal before April 2, 2022.
Here are how the major energy companies compare:
- British Gas - £1,971 (direct debit) or £2,017 (pre-payment)
- Bulb - £1,971 (direct debit) or £2,017 (pre-payment)
- E.on - £1,971 (direct debit) or £2,017 (pre-payment)
- EDF Energy - £1,970 (direct debit) or £2,017 (pre-payment)
- Octopus Energy - £1,921 (existing direct debit customers) or £1,969 (new direct debit customers); pre-payment TBC
- Outfox the Market - £1,971
- Ovo Energy - £1,970 (direct debit) or £2,015 (pre-payment)
- Scottish Power - £1,971 (direct debit) or £2,017 (pre-payment)
- Shell Energy - £1,971 (direct debit) or £2,017 (pre-payment)
- SSE - £1,970 (direct debit) or £2,015 (pre-payment)
- Utility Warehouse - £1,960 (direct debit) or £1,991 (pre-payment)
These prices are averages as gas and electricity unit rates and standing charges vary by region.
Check what help you can get with your energy bills
If you’re really worried about your energy bills, you should speak to your energy provider first to see what support they can give you.
There are also lots of schemes you may be eligible for, particularly if you're in a low income household or claim benefits.
For example, there is the Warm Home Discount scheme, which offers £140 one-off payments for those who get the Guarantee element of Pension Credit or are on a low income.
There is also the Winter Fuel Payment scheme, where those getting the state pension can get between £100 and £300.
Low income households can also get £25 a week to help with energy bills during the winter thanks to the Cold Weather Payment scheme too.
You may also want to use the free grants search tool from debt charity Turn2Us to see what help is available where you live.
There are around 8,000 grants currently available.
