Energy Price Cap
For Business Electric And Gas
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Energy Price Cap Quote Form
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Energy Price Cap, Advice & Quote
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Energy Price Cap Explained
The energy price cap in the UK is a limit set by the energy regulator, Ofgem, on the maximum amount that energy suppliers can charge for each unit of gas and electricity. It also sets a maximum daily standing charge, which is the cost of having your home connected to the energy grid12.
Key Points about the Energy Price Cap:
Purpose: Introduced in January 2019, the cap aims to protect consumers from being overcharged on standard variable and default tariffs.
Current Cap: As of October 1, 2024, the cap is set at £1,717 per year for a typical dual-fuel household paying by Direct Debit. This represents a 10% increase from the previous cap.
Coverage: The cap applies to standard variable tariffs and default tariffs, which most households are on1.
Calculation: The cap is based on wholesale energy prices, network costs, supplier operating costs, and other factors. It is reviewed and adjusted every three months.
Impact on Bills: While the cap limits the rates you pay per unit of energy, your total bill will still depend on your actual energy usage. Higher usage means higher bills.
Future Changes: The cap is reviewed quarterly, so it can change based on market conditions and other factors
Comparison websites
Using comparison websites line Energy4 provide you as the business owner complete transparent prices from the utility market. Concern that websites like MoneySuperMarket, GoCompare, and The Energy Shop claim to be comparison sites, however review of their websites does not call out Whole Of Market OfGem regulation changes. Energy4 remains a whole of market (WoM) price provider.
Data Provided: This allow you to compare energy tariffs from different suppliers. These sites often provide tailored quotes based on your energy usage.
Enter Your Details: You’ll need to provide your postcode, current energy supplier, and estimated usage. This information helps the comparison sites find the best deals for your specific situation.
Consider Different Tariffs: Look at both fixed and variable tariffs. Fixed tariffs lock in your rate for a set period, while variable tariffs can change based on market conditions.
Check for Additional Fees: Some tariffs may have standing charges or exit fees. Make sure to read the fine print to understand all potential costs.
Green Energy Options: If you’re interested in renewable energy, many suppliers offer green tariffs that source energy from renewable sources.
Switching Process: Once you find a better deal, the switching process is usually straightforward. Your new supplier will handle the switch, and there should be no interruption to your energy supply.
Energy comparison for business online made easy with Energy4
Energy comparison quote involves the following;
Provide the following information to Energy4
- Provide your business address
- The current name of your Supplier
- Annual Consumption (kW)
- Business registration (Private Limited, Sole-trader, PLC)
Contract Energy4 for further information
Complete Letter Of Authority (LOA)
Energy4 will provide a Letter Of Authority (LOA) for the business owner to complete, and return. Please complete and return to Energy4.
As mandated by Ofgem, due to the commercial, energy consumption, financial, and business implications involved, aN LOA is required.
Contract Energy4 for further information
Contract End Date (CED)
Switch utility contracts or renewing contracts requires the contract-end-date. Located on your business utility bill, your signed agreement, or from your utility provider when switch energy Supplier
Contract Energy4 for further information
Termination notice period
Switch utility contracts or renewing contracts is possible with an application made before the Termination notice period. Changing energy supplier or renewed contracts when the termination notice period has been missed will result in a site being moved onto out-of-contract rates for the period specified below. Switch business sites to another energy supplier, or renewed.
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- HAVEN – 120 DAYS
- TOTAL – 90 DAYS
- CNG – 90 DAYS
- SCOTTISH POWER – 30 DAYS
- NPOWER – 60 DAYS
- CORONA ENERGY – 60 DAYS
- CROWN – 30 DAYS
- SSE – 30 DAYS
- EDF – 30 DAYS
- DONG ENERGY – 30 DAYS
- BG – 90 DAYS
- EON – 90 DAYS
- HUDSON – NO TERMINATION NEEDED
- OPUS – 90 DAYS
- DUAL ENERGY – 28 DAYS
- YGP – 90 DAYS
Energy quote from Energy4
Energy4 will provide a utility quote from the entire market, showing the best-priced utility down to the most expensive available.
Energy quote from Energy4 compares Suppliers, tariffs, from the lowest priced, customer satisfaction scores, to green energy tariffs, fixed deals, and exit fee requirements.
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Switch energy supplier or renew present supplier
Once the business owner has decided to switch the present Supplier or renew energy supplier, business credit reviewed as each Supplier has requirements. The contract confirmed with payment details provided. Paying by Direct Debit can usually save money.
Energy4 will then forward to the business owner a copy of the energy contract to be completed. Energy contract completed, and a copy returned to Energy4.
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Energy contract submitted
Completed energy contract is submitted to the selected utility provider.
Business owner retains the original energy contract.
Prices locked in, and contract processed.
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Energy contract processed
The energy Supplier will notify Energy4 of the processing of the energy contract.
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Previous energy supplier can reject the transfer
Previous energy supplier can reject the transfer by;
– Objection to the Letter of Authority
– Business owner is already in a contract and is not free to leave when the new energy Supplier is applying to take the supply
– Business owner has debts or unpaid bills on their account before the new energy Supplier applies to take the supply
– The new energy supplier is applying for the incorrect transfer date
– Business owner is applying for a Change-of-tenancy (COT), and the new energy Supplier is attempting to take the supply before the COT is logged.
Contract Energy4 for further information
New energy supplier can reject the contract
New energy supplier can reject the contract by;
– Objection to the Letter of Authority
– Business owner is already in a contract and is not free to leave when the incoming Supplier is applying to take the supply
– Business owner has debts or unpaid bills on their account before the new energy Supplier applies to take the supply
– The new energy Supplier is applying for the incorrect transfer date
– Business owner is applying for a Change-of-tenancy (COT), and the new energy Supplier is attempting to take the supply before the COT is logged
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Confirm switch of energy supplier
The Supplier will notify both the business owner and Energy4 of the switch, and activation of the new contract.
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Provide the following information to Energy4
Ofgem information
Contract End Date (CED)
Ofgem documents
Further information from Ofgem
Information from Telegraph
Termination notice period
Termination by the Telegraph
Ofgem explains Termination
Energy quote from Energy4
Telegraph explains
Which Magazine advice
Citizen Advice Bureau discusses
Switch energy supplier or renew present supplier
Information from Citizen Advice Bureau
Swith Energy explained by Which
Ofgem explains switching supplier
Legal side of switching supplier
Energy contract submitted
Energy Contracts as explained by Ofgem
Ofgem explains contract issues
Citizen Advice Bureau explains contract issues
Government explains contract issues
Contracts explained
Energy contract processed
Ofgem explains contracts
Information from Ofgem
Citizen Advice Bureau discusses
Government website explains contract process
Previous energy supplier can reject transfer
Ofgem explains how contracts can be rejected
Further information on how Ofgem reject contracts
New energy supplier can reject transfer
Rejecting transfer as explained by Ofgem
Supplier issues with rejecting contracts by Ofgem
Confirm switch of energy supplier or renew present supplier
How to switch or renew contracts as per Ofgem
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