There are many services that can spin a pending price increase into good news. But, at the end of the day, no one likes being told that they have to pay more for anything, and the energy industry is no different.
However, according to the energy industry watchdog Ofgem, energy suppliers need to legally inform their customers of any changes that could negatively impact them in any way; and this notification needs to be given at least 49 days before the change comes into effect. During this time your termination fees will usually be scrapped if you wish to seek out a new supplier.
There is no standard template for a price increase notification letter, and you will find that they can vary from supplier to supplier. However, below you can find some common features to remain aware of.
Along with this information, your supplier will also offer reasons why the price increase is necessary, and any legal information relating to the changes.
Remember, just because your energy supplier increases its prices doesn’t mean you are locked into them. In instances where you are on a special tariff with lower rates, you should contact the energy supplier directly to see if they intend to honour the tariff until it expires.
Alternatively, it might work out more cost effective for you to switch. But, it is important to remember that in some instances, customers on a fixed rate tariff might be charged for ending their contract early.
To find out if you could stand to save by switching, visit our energy comparison page to find out what the rest of the market is offering. For more information call us on 0800 014 2918.