UK Energy Price Cap Forecast to Rise by £258 from July 1 Amid Support Initiatives

Price Cap Increase Forecast The Ofgem price cap is forecast to increase by £258 to £1,899 annually from July 1, according to Uswitch predictions based on EDF and E.

ON Next data. Cornwall Insight analysts said the price cap could climb to £1,929. The current Ofgem price cap stands at £1,641 as of April 1. The typical working-age household will be £480 worse off this year due to rising energy costs, according to the Resolution Foundation.

OVO Extra Support Package OVO is continuing its Extra Support Package valued at £56 million.

The package includes reductions to direct debits, emergency credit top-ups, and extended repayment plans for customers in debt. OVO customers may receive free energy-saving items such as electric throws, mattress toppers, and home efficiency kits. Eligible OVO households could qualify for energy efficiency upgrades through ECO4, including loft insulation, new boilers, and heat pumps.

Some OVO customers may receive a full package of energy efficiency improvements at no cost.

Octopus Energy Assist Fund Octopus Energy operates an assist fund that provides direct financial support to customers experiencing difficulties.

Applications to the Octopus Energy assist fund are open year-round. Customers are required to provide details of their financial situation, including income and outgoings.

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ON Next offers support through its Energy Fund, which provides grants to help cover gas and electricity bills. Applicants must first complete a three-month Provisional Award Scheme, during which existing debt is frozen. Participants who maintain payments throughout the three-month period may have their debt written off.

ON Next customers may apply for replacement household appliances such as cookers, fridges, and washing machines.

British Gas Energy Trust Fund The British Gas Energy Trust launched its Individuals and Families Fund in 2021.

The fund is open to all households, not only British Gas customers. Prepayment meter users may be eligible for grants ranging from £50 to £1,700. Grant applicants must have received money advice within the past six months.

Applicants who have received a grant from the British Gas Energy Trust within the last two years are not eligible.

Scottish Power Hardship Fund Scottish Power runs a Hardship Fund for customers on low incomes or receiving benefits such as Universal Credit.

Energy suppliers are offering support packages worth up to £1,700 for customers struggling with bills.