11 August 2022 - Cornwall Insight, one of the leading energy market analysts, has revised its forecast for the October and January price cap - with forecasts suggesting an 81% rise in October. This means the typical household energy bill will reach £3,589. And in January, when the price cap reverts to quarterly, there will be a further 19% rise according to Cornwall Insight. This would take bills to £4,266 per year for the average household.
This is another headache for consumers as the cost of living crisis continues to bite. These revised forecasts will have households revisiting their budgets and spending plans for the rest of the year with further pressure on their pockets.
But there is a way for consumers to take steps to insulate themselves from the forthcoming price rises. While most energy-only suppliers are only able to offer prices at the price cap, the UK’s only multiservice supplier, Utility Warehouse, is committed to offering variable energy prices up to 5% below the price cap. But the savings don’t stop there. UW’s latest fixed price offer provides customers with a way to make substantial savings against future price cap rises - right through August 31st 2023.
New and existing UW customers, who take two or three other services, will be able to fix their energy at a cost of £3,150 a year for the average customer - until 31st August 2023.
This represents a £432 saving against the incoming October price cap and including the universal £400 rebate from the government, this is effectively an £832 saving against the impending price cap in October. Looking ahead to the January price cap, consumers who fix with UW now will be able to save more than £1,100 against current forecasts.
And the savings don’t stop there. Multiservice UW customers are able to access further savings. UW offers the unique Cashback Card, a prepaid debit card that gives customers cashback up to 10% on purchases at selected retailers and customers who take two or more services can access a further 1% cashback everywhere they spend. The money earnt comes directly off the monthly utility bill.
UW customers can also take advantage of further discounts and savings on other services and products. As UW spreads its cost over a number of essential household services, our customers can take advantage of great broadband, mobile, and insurance deals. Such as:
Superfast broadband prices starting at just £21.60 for new multiservice customers - including a 10% discount for taking both broadband and mobile
Great value mobile SIMs starting at £12 a month for 5GB of data, with unlimited texts and calls or just £18 for unlimited data, texts, and calls.
5* Defaqto rated boiler and home cover for just £18 a month.
The legal bit
5% discount applies to customers who switch their energy plus 2 or 3 other services (broadband, mobile and/or insurance - Bill Protector excluded. Boiler & Home Cover also excluded for tenants). Lower discounts will be applied to customers taking just energy, or energy plus one other service. Discounts only apply to customers on a variable energy tariff paying by Direct Debit and are calculated at a flat rate using the typical domestic consumption (as set by Ofgem) compared to the Government’s energy price cap level for default energy tariffs. % discount could be higher or lower depending on actual consumption. See terms for more details.
Prices and comparisons have been calculated based on typical household consumption of 2,900 kWh general domestic electricity and 12,000 kWh gas across all 14 regions and paying by Direct Debit.
Bill Protector and Cashback Card not included as part of the 2 or 3 other services.
Customers can earn unlimited cashback from our participating retailers each month. Purchases from other retailers are eligible for cashback of 1% on spends up to £1,000 per month. Only customers not engaged in debt collection proceedings with UW – and with at least two of the following services active at the time of billing: landline, broadband, gas and electricity – are eligible to receive the 1% cashback. Full Cashback Card terms and conditions can be found on our website.
Registered in England. Company number: 04594421 Utility Warehouse Limited is authorised and regulated by the Financial Conduct Authority.
The UW Cashback Card is issued by PSI-Pay Ltd pursuant to a license by Mastercard® International Incorporated. PSI-Pay Ltd is regulated by the Financial Conduct Authority (FCA) under the ElectronicMoney Regulations 2011 (FCA register number 900011) for the issuing of electronic money. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.