On the 1st of September, Ofgem announced its quarterly update to the Energy Price Cap.
Good news! The cap is now set at £1,923, marking the second fall of energy prices in a row!
The July price change will only affect our customers who are on Standard Variable Rate (SVR) tariffs and those who pay on receipt of bill. You can check the prices for your region below:
Direct Debit Payment Method:
Fox Standard Dual - Click to download here
Fox Standard Elec - Click to download here
Fox Standard Gas - Click to download here
Payment on Bill Method:
Fox Paper Standard Dual - Click to download here
Fox Paper Standard Elec - Click to download here
Fox Paper Standard Gas - Click to download here
Since 2019, Ofgem have been regularly reviewing their price cap to ensure customers are protected by fluctuating energy prices. To remind you, the cap places a maximum threshold on the amount energy suppliers can charge those on variable tariffs.
Ofgem calculate the Energy Price Cap by looking at how much it will cost suppliers to provide energy to their customers. It's based largely on wholesale energy prices but also encompasses operating costs such as billing, installing SMART meters and maintenance of pipes that transport gas and electricity to your home (network costs).
Below are two links to read more about the Energy Price Cap and how it helps you:
Even though prices are falling, we know the cost of energy is still causing issues for many households. That's why we have put together some of the best sources for support that is widely available which include:
As the price cap has continues to sit below The Energy Price Guarantee of £3,000. This support package will currently provide no financial benefit to households. This is will only come into effect if the Ofgem Price Cap is calculated to be higher than this figure. You can read more here.
Warm Home Discount applications will be opening soon, this will give those eligible access to support services and individualised help throughout the colder months.
There are also a number of organisations looking to provide advice and support to UK consumers during this unprecedented time. Some of the most useful include:
- The Help for Households campaign which is in place to provide multiple different types of grants, advice and energy saving tips to ensure energy users across the UK are not suffering during the cold spells this winter.
- Money Helper is an impartial, free to use organisation who help provide advice for those in financial difficulty both with energy costs, debt and much more.
- Citizens Advice have an extensive collection of articles that can help for planning finances, dealing with rising energy costs, finding ways make your home more efficient and everyday issues such as reading your meter and what to do if you have any problems with your energy supplier.
Our variable tariffs are protected by the energy price cap meaning there is a maximum rate we can charge. Ofgem review the cap every 3 months and your prices may change in line with their revised figure.
It is always a good idea to look at other, potentially cheaper tariffs, however, at the moment OTM are one of the cheapest suppliers on the market.
Currently, our cheapest tariff is our Standard Variable Rate tariff. However, if you pay on receipt of your bill, it may be a good time to look at changing your payment method to Direct Debit as it may save you more on your energy
To ensure your energy bills are accurate, we require regular meter readings that keep your charges at the amount they should be and help prevent your account from falling into arrears or building too much credit.
If you have a connected SMART meter, we will automatically receive readings. Otherwise, we recommend you submit your readings through your online portal. You should monitor your smart meter readings in case any issues pop up. If your smart meter is not sending readings, take a meter reading and then get in touch so we can get it sorted.
If you do ever receive a bill and it has estimated readings on, please firstly take manual readings and then email them to us so we can produce a bill that aligns with your actual usage. We also recommend you take photos of your meter readings for record keeping and to prevent any discrepancies.
You shouldn't receive meter reading reminds if you are smart enabled, so if you do, we recommend you follow the instructions on the email.
If you do not currently have a smart meter, now is the best time to get one installed! Visit our smart meter page for more details.
If you still have some unanswered questions, don't worry! You can get in touch with our customer care team over the phone, live chat, email or social media.
Our friendly customer service team will be more than happy to help with any energy query you have to give you peace of mind.
We appreciate this is a difficult time and know that every bit of help with energy will be valuable. That's why we have included some valuable links to grants/support that may be available to you, as well as energy efficiency advice.
You will only pay for the energy you use so if the usage at the property reduces, your energy bills will too. We encourage you to take a look at these links to find ways that may reduce your energy consumption and help to make your energy costs more manageable: