You've seen that wholesale energy prices have quadrupled in the last year. The Ofgem price cap in October protected customers over the winter months. However, we've continued to see energy prices rise, which means that Ofgem has announced that they need to raise the price cap again by 54%.
As Ofgem stated in their press release, "Energy companies cannot afford to supply electricity and gas to their customers for less than they have paid for it." Read the full Ofgem press release, which explains in detail what has driven this latest increase.
We've taken the difficult decision to increase our Standard (Variable) tariff prices in line with Ofgem's new cap. If you're on our Standard (Variable) tariff, we'll be contacting you in the coming weeks to explain how these changes will affect your household bills.