Energy companies have said they will be in touch with customers about what the government’s bill-cutting plans mean for them.
New Prime Minister Liz Truss announced typical annual household bills would be capped at £2,500 for two years.
Energy suppliers have told the BBC they are working through the details and will be contacting customers before October 1.
It is understood that energy companies will be asked to discount current fixed offers or allow a switch to the cheaper variable offer without penalty.
Anyone who has fixed their energy price within the last 14 days can cancel free of charge.
- What the new energy plan means for you
- Truss is spending billions to curb rising energy costs
Ahead of Thursday’s announcement, typical household bills should rise from £1,971 to £3,549 a year.
The government has announced that it will compensate energy companies for the difference between the wholesale price they pay for gas and electricity and what they can charge their customers.
Scottish Power said it was “working through the details of this change” and would be writing to affected customers.
“We’ll post updates on our website as soon as we know more, so there’s no need for you to contact us now,” it added.
E.On said customers would not have to do anything as they would implement the government program in their tariffs.
Customers with a fixed tariff do not have to change their contract, it said.
Greg Jackson, CEO and founder of Octopus Energy, said the companies are still finalizing the details and customers should “sit quietly and wait until they hear from their energy supplier”.
“Nothing will change until October 1 and we will be in touch with everyone by then,” he added.
Add Comment