No images? Click here What's going on with energy prices?The price of gas has soared to record levels but the amount that suppliers can charge for energy is capped, so some energy suppliers have gone out of business as they can't fully pass on the price increase to customers. In October, the price cap was increased by 12% and it is likely to go up again when it is reviewed in the spring. What does this mean? If your supplier does go out of business, you will be switched to a new supplier by Ofgem. The new tariff might be more expensive than the old one, but any credit you have is protected and will be transferred over to the new supplier. Find out more about what happens if your energy supplier goes bust below. If your energy provider goes out of business and you're waiting to be moved to a new supplier, you can:
Find out more about what to do if your energy supplier has gone bust here. Although energy prices look set to rise, there are things you can do to help bring down the cost of your energy bills. End of the universal credit top upFrom 6 October, Universal Credit went down by £20 a week as the top up bought in during the COVID pandemic ended. This has come at a time when many people have been moved to a new energy company because their supplier has gone bust, and now stand to pay approximately £30 more each month for their energy, according to new research by Citizens Advice. Debbie Rixon, Chief Executive of Citizens Advice Welwyn Hatfield, said: “The combination of the cut to Universal Credit, escalating fuel costs and a higher cost of living will leave many having to make the choice between buying food and heating their homes in the coming months. We urge people to seek help and advice before things reach crisis point.” If you’re worried about getting less Universal Credit you can find information here on the Citizens Advice website. For guidance on all things energy related, including struggling to pay bills or your supplier going bust, click here. To get advice online or find your local Citizens Advice, visit citizensadvice.org.uk. How we're supporting youIf you are worried about paying your rent, please get in touch with us as soon as you can so that we can help. We can also signpost you to other organisations that provide support and advice. We run a grants programme that funds projects that support the communities we work in. This includes specialist help to sustain tenancies and for those who have been most affected by the pandemic. Two projects we are supporting are: Citizens Advice in Herts and Bucks Oasis Partnership |