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energy prices

An Update on Energy Prices

Jim

We know that the rising cost of energy is in the news on a daily basis at present, and we know how troubling the situation is for households across the nation.

Costs are rising for a number of reasons (we’ve covered those here), and the rise is being driven by factors that are out of our control.

With the price cap set by Ofgem, we’ve absorbed these rising costs for many of our customers. In April, the price cap will be increased, so bills will go up in line with it. The new price cap is due to be announced on 7th February 2022, following which we will set our new prices.

Understandably, this has all led to an increase in customers contacting our customer service team, driving up wait times. We’d therefore recommend that if your request isn’t urgent, you get in touch via email on help@so.energy, or by using the ‘contact us’ form on our site.

Your question may also be covered in the help section of our website.

If you have an emergency
Please check our guide on what to do in an emergency, for instance if you suspect you have a gas leak, which goes through the steps you need to take.

What should I do about my tariff?

As your supplier, it’s not our place to tell you what you should do about your tariff, but we can tell you what you can do.

If you’re on our So Flex variable tariff, you can:

  • Stay on a variable tariff - this will mean that the price you pay for your energy will increase and decrease in line with the price of wholesale energy. We’ll always let you know 30 days before any increases in what you’ll be paying. Variable tariffs cannot go higher than the price cap set by Ofgem.

  • Switch to a fixed rate tariff - by doing this, you can fix the amount you pay for a set period. In the immediate term this will likely increase how much you’re paying, however you may prefer the stability of a fixed rate tariff and to be protected from predicted future increases in the price of energy.

If you’re on one of our fixed rate tariffs, you can:

  • Roll onto a variable tariff - if you don’t renew or change supplier when your contract ends, you will be put on our So Flex variable tariff (this will happen automatically, so you won’t need to get in touch). As outlined above, the price you pay will move in line with the price of wholesale energy, and we’ll always let you know 30 days in advance about any increases. Variable tariffs cannot go higher than the price cap set by Ofgem.

  • Renew onto a fixed tariff - if you’re coming to the end of your contract, you can renew to a fixed tariff and lock in the prices you pay for a set period. In the immediate term, this will likely increase how much you’re paying, however you may prefer the stability of a fixed rate tariff as you know your price will stay the same for that period.

If you’re struggling to pay your bills

If you need independent advice

Advice on the best thing to do will change with the situation, so here are some resources to help you decide.

We will continue to keep you updated about changing energy prices and what this means for you. Please keep an eye on our website and social media channels for updates.