The Energy Crisis- Everything You Need To Know
It’s no surprise that global energy costs have risen enormously. The Government price cap has increased by almost £58 per month for a typical home, which means that families all across the country are wondering how they can take control and do something to manage their energy bills to coincide with all of the rising prices when it comes to the cost of living.
Co-op Energy takes great pride in our relationship with our customers and we understand that this is a strenuous time for everyone, which is why we have dedicated a page to questions, resources and updates on information to help you stay informed.
Common questions You Want Answers To:
Why are my prices going up so much?
We know the energy crisis is having a terrible impact on bills – tariffs have gone up this much because it costs us five times more to buy energy now compared to last year. Our new variable price is protected by the price cap.
Why have my prices increased more than 54%
The 54% increase you will have seen is the average increase from the last time the energy price cap was set six months ago, to the new cap which comes in in April. If you’re coming off a fixed price, your increase may be more as the cost of energy is 5x higher since then.
Why have my standing charges increased so much?
Some costs are higher this year: e.g. schemes like the Warm Home Discount, or the cost of more failed suppliers. Costs apply differently for gas/electric so the electric standing charge has increased more.
Why is a 100% renewable tariff impacted by gas prices?
It’s down to the way the market works. The grid sets a single half hourly price for all types of energy in the system. That price often ends up based on the most expensive source in the mix which is generally gas, which is why even on green tariffs right now, gas is setting the price.
Good to know: This price change only affects customers on Flexible tariffs (not those on any of our fixed tariffs). Customers who were impacted by this have been contacted or we are currently in the process of, so they have time to talk to us about their options. If you are still unsure, please do not hesitate to contact us directly.
We’re committed to making renewable energy affordable for everyone, so we’d prefer to never raise prices. Our relationship with Octopus Energy has meant that we have been able to offer alternatives during this hard financial time.
What does the future look like?
People across the UK are being called on to join the green community energy revolution and help tackle the climate crisis through a first-of-its-kind initiative from Your Co-op Energy.
Delivered through the Your Co-op Energy and Octopus Energy partnership, Younity; Powershare gives everyone the opportunity to take real personal action on the climate emergency through a simple and accessible investment. We understand that most of us are cutting down on costs as opposed to considering investment, however if this is something you would like to be involved with you can register your interest. By investing as little as £5 per month, those who join the pilot via Your Co-op Energy Community Power Tariff will be developing power with returns delivered as credit against home energy spend.