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More than 218,000 households could see energy bills rise by as much as £331 with 157 fixed deals coming to an end this month, new research has revealed. With a number of plans expiring in the next two weeks, customers are reminded to switch their tariff before they are put onto a pricey default deal. Rolling off fixed term deals onto default tariffs could collectively cost UK households an extra £61million a year, compared to their current energy costs, an average of £280 per home, the data from Compare the Market shows.   Customers on British Gas' Energy and Boiler Cover May 2021v4 wou...

218,000 households to see energy bills rise by £280 this month 157 fixed tariffs are coming to an end in May 218,000 households to see energy bills rise by £280 this month GET THE BIGGEST STORIES FROM ACROSS SOMERSET STRAIGHT TO YOUR INBOXInvalid EmailSomething went wrong, please try again later. SIGN UP When you subscribe we will use the information you provide to send you these newsletters. Your information will be used in accordance with ourPrivacy Notice. Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice More than 218,000 households could be automatically...

However, many customers who pay by fixed direct debit are overpaying resulting in surplus credit balances. Ofgem's research found that as much as £1.4billion was held in surplus credit balances in October 2018. It is concerned that some suppliers may use customers' surplus credit balances to fund otherwise unsustainable business practices. The 'auto-refund' policy would require suppliers to refund any credit balances, for domestic credit customers paying by fixed direct debit, above £0 each year on the anniversary of when they started their contract. Ofgem found that as much as £1.4billion...

Energy customers to get automatic credit refunds in regulator plans The proposals follow concerns from Ofgem firms were using customer money to fund 'otherwise unsustainable business practices'  17 March 2021 • 6:00am Households would be automatically refunded any overpayments on energy bills in plans tabled by the regulator to end companies using customers’ money incorrectly. Under the current system, those who pay their bill by direct debit pay a fixed amount each month, typically overpaying in the summer months when usage is low in order to build up credit which can be drawn on throug...

Ofgem plans to make suppliers pay back unused credit balances Energy suppliers could be holding up to £1.4bn in excess customer direct debit payments. (Getty Images) Ofgem is mulling proposals that would limit the amount of consumer credit energy suppliers can hold, which could see £1.4bn in excess payments returned to customers. Households that pay for their energy by direct debit typically pay a set amount to suppliers every month based on their average consumption. As energy use is normally lower in the summer and then climbs again in the winter, consumers usually build ...