You may be aware of recent changes to the way energy suppliers charge customers who have prepayment meters. New regulations have been introduced by Ofgem, the Government regulator of the energy business. These are a legal requirement that apply to all domestic electricity and gas suppliers in the UK.
As a direct consequence of these new regulations your prepayment meter energy prices may be changing with effect from 1 April 2017. You may also be moved from a fixed rate prepayment meter account to a variable rate prepayment meter account.
If these changes apply to your electricity and/or gas account you will have received a communication from us by 2 March 2017.
To meet the requirements of the new regulations the Standing Charge and Unit Rate have been changed for some prepayment meter tariffs. Unfortunately, as a result of this, a small proportion of customers may see an increase in their total bill. If you were on a fixed price tariff at least one of your new Standing Charge or Unit Rate(s) will be cheaper than your previous fixed price.
All new pricing information is included in your Price Change Notification letter sent to you at the beginning of March.
Further details of iPrepay Variable can be found here.
These changes take effect from 1 April 2017.
The good news is that you do not need to do anything. Your prepayment key or card will be automatically updated and you will be charged the new rates as set out in this letter, dependent on your top-up frequency.
The new price cap regulations apply only to fixed price tariffs where the accepted quote was after 24 June 2016.
You would need to go through a quote to see if that would be the case. Please bear in mind that there are strict criteria for credit meters and there may be charges involved with installing a credit meter (estimated between £110 - £200 depending on your circumstances).
Please see the ‘Support and Advice for paying Bills’ page on our website www.isupplyenergy.co.uk.
If your account is affected you will receive a communication from us telling you what your changes are.
No, these changes only relate to customers with prepayment meters.