Millions of Brits in line for £100 as Theresa May delivers on energy price cap promise
The price cap on 11 million gas and electricity bills is to come in by end of the year as The Sun's Power to the People campaign pays off
MILLIONS of Brits are in line for a £100 windfall as Theresa May reveals a price cap on energy bills will be ready by December.
Writing in The Sun, the PM says legislation for an unprecedented price cap on 11million gas and electricity tariffs will go before Parliament today.
THERESA MAY We will end the £1.4bn energy price rip off this year to help you make ends meet
It means MPs should approve it in time to be in place by the end of 2018.
Praising The Sun’s Power to the People campaign, Mrs May writes: “Last year I told suppliers that if they didn’t cut unfair bills I would take action to make them.
“They haven’t done that, so today the Government is introducing legislation that will make energy companies change their ways.”
She adds: “I have been clear that new cap should be in place in time for next winter, helping to protect the 11million bill-payers being charged hundreds more for loyally sticking with their supplier.”
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The PM told hard-working Brits: “The Government is on your side.” The cap will be in place till 2020, with regulators setting a maximum price for standard variable rates. As expected, it could be extended by the Secretary of State until 2023.
Government insiders say the cap should save at least £100, potentially rising to £300 a year with increased competition and faster switching.
The cap marks a huge win for The Sun which two years ago revealed Big Six users on standard variable tariffs paid nearly £400 a year more than those on online-only deals.
How to switch suppliers and save hundreds
SWITCHING suppliers is the best way you can cut your energy bills. But recent research from MoneySuperMarket found that households are throwing away hundreds of pounds a year by not bothering. Here's what you need to do.
Shop around - If you're on an expensive Standard Variable Tariff (SVT) deal you are throwing around £300 a year. Use a comparison site like MoneySuperMarket.com or EnergyHelpline.com to see what best deals are available to you.
The cheapest deals are usually found online and are fixed deals - meaning you'll pay a fixed amount usually for 12 months.
Switch - When you've found one, all you have to do is contact the new supplier.
It helps to have the following information - which you can find on your bill - to hand to give the new supplier.
- Your postcode
- Name of your existing supplier
- Name of your existing deal and how much you pay
- An up-to-date meter reading
It will then notify your current supplier and begin the switch.
It should take no longer than three weeks to complete the switch and your supply won't be interrupted in that time.
THERESA MAY We will end the £1.4bn energy price rip off this year to help you make ends meet
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