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Why are Boost increasing my prices?

  • 1 September 2021
  • 2 replies
  • 128 views

Userlevel 2

What a shock, yet another rip off price increase, Boost seems only interesting in boosting their profits nowadays, time to vote with my custom. Shame on you guys

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Best answer by Jess_Boost 2 September 2021, 11:30

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Userlevel 2

I beg to differ. When wholesale prices drop we as customers rarely benefit, when prices rise we're always stung much harder than the “rise in wholesale prices"

As for ofgem they're just another toothless gimmick of an organisation.

Userlevel 2

Hi @aidy3663,

 

Thanks for raising this one as it’s an important issue that will be affecting all Prepayment energy customers due to OFGEM’s price cap increase on October 1st. We understand that any price increase can bring with it many concerns so we’ve put together some FAQs which help explain the reason behind the increase to your costs and the additional support available to you if you’re struggling:

 

What is the government's price cap?

 

The energy price cap is set by Ofgem, the energy regulator, to make sure customers pay a fairer price for their energy. It’s made up of 2 main things:

  • The cost of energy – called ‘unit rates’. This is how much you pay for each kilowatt-hour of electricity and gas.
  • A daily fixed amount covering the cost of supplying your home with energy – called ‘standing charges’. This includes the pipes, power lines, and maintenance of your meters.

 

How long will the prices stay this way?

 

The energy price cap is reviewed by Ofgem, the energy regulator, every 6 months – in April and October. They do this to make sure customers pay a fair price for their energy. So these new prices will stay the same from 1 October to 31 March.

We make sure you always pay a fair price for your energy – and we’ll always let you know in advance if they change again.

 

Is there any support available if I’m struggling to pay for my energy?

 

There are lots of ways we can support you: visit our Coronavirus FAQs or get in touch with us – and together we’ll find the right solution for you:

If you’d like extra advice on saving energy you can call the Centre for Sustainable Energy on 0800 408 6601, or email ovo@cse.org.uk.

 

How can I cut down on my energy costs?

 

Head to our Help page and search ‘saving energy’ for guides, tips, and organisations that can help you save money on energy.

 

What happens if I want to change suppliers?

 

We’d be sad to see you go, but if you decide to switch away, you’ll stay on your current rates if your new supplier tells us within 20 working days of 1 October that they’re taking over your power.

Remember to pay off any negative balance you might have in your energy account before you leave us, to make sure your switch goes smoothly. We’ll let you know if there’s anything left to pay.

If everything’s paid off within 30 days, your switch can still go ahead and the new price change won’t affect you.

 

Why are energy prices changing?

 

We keep our prices in line with the price cap set by the government, which is there to make sure energy costs are fair.

Unfortunately, the price of energy on the market has gone up recently. These prices work a bit like petrol prices – they can change depending on many things. Like how much energy we all use, and how much it costs to produce and get it into homes.

To reflect all these changes, the government is increasing this price cap from 1 October. This means our prices will go up too.

 

How will I get the new prices?

 

It depends on the type of meter you have:

  • If it’s a smart meter, there’s nothing you need to do – we’ll update your prices automatically on 1 October

  • If it's a traditional meter, your prices will be updated the moment you top up with your electricity key/gas card on or after 1 October

 

Hope this information helps you decide the best option for you going forward. Let us know if you’ve got any more questions relating to the changing prices, we’ll do our best to offer any support and advice where we can. 

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