British Gas, Octopus, EDF, OVO Customers Face Energy Price Rise in October

As of October 1, 2024, the energy price cap in the UK will increase by 10%, raising average household energy bills from £1,568 to £1,717 annually. This change has prompted energy experts to advise customers of various suppliers, including British Gas, OVO, EDF, Eon, and Octopus, to submit their meter readings before the deadline to avoid being charged at the new higher rates for energy consumed in September. Failure to provide timely readings could lead to significant overcharging, potentially costing UK households a collective £186 million. The urgency of submitting meter readings is underscored by the stark difference in energy costs between September and October, with an average household facing a £19 increase for a week's worth of energy. Customers with smart meters are exempt from this requirement, as their usage data is automatically sent to energy companies. However, those without smart meters must take action through various methods, including online submissions and phone calls. Experts recommend making meter reading submissions a regular practice to ensure accurate billing and avoid unexpected charges. Additionally, households are encouraged to explore fixed tariff options, which can provide price stability for a year, especially as the average household on a standard variable tariff is expected to see a significant rise in energy costs. With the cheapest fixed deals currently about 7% lower than the new price cap, consumers are urged to act quickly to secure better rates before they become unavailable.