I posted this in another thread but thought it would be helpful here.
Just to put some figures on it, I looked at the OFGEM
price tables for gas and electricity, paying by DD, for the North West area (it happens to be the top line in the table - no other reason). Between the previous
price cap and the new (current) one these are the increases:
So you can see if you use a lot of gas your bills will be up approaching 70-75%, and if you use little electricity 70%+. If you use little gas (say just for cooking) your bills will not be much changed, while if you use a lot of electricity your bills will be up a minimum of 40%.
Consumers need to look at their own consumption, compute their own likely bills over 12 months and assess their DD accordingly. Another
price rise in October 2022 is a nailed on certainty because the wholesale
price of Gas remains high and this will feed into increases for both fuels in the new
price cap. The only reduction might be in the electricity standing charge which was inflated by the amounts paid out for the failed suppliers, not so much for the credit balances transferred to the new suppliers as payments for wholesale supplies they hadn't made. That figure should be lower in the new
price cap but might allow say £40 to come off of the electricity standing charge. I'll not spend it all at once.