SHELL Energy is offering customers the chance to switch back to a fixed tariff, helping them to save money.
The energy provider, which has approximately 850,000 customers, will offer those who were originally on a fixed tariff to move back, following the government’s decision to scrap the Energy Price Guarantee (EPG).
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The EPG caps energy prices at £2,500 for a typical household until April 2023 in as bid to protect them from rising bills.
It was introduced in October and originally, the government said this would last for two years.
At the time, the government ordered energy firms to allow customers on fixed tariffs to move onto variable rates to ensure that they didn’t miss out on the discount.
However in October the government announced it would end in April 2023.
After that, support households will be targeted – which could mean millions face soaring energy bills once the guarantee is up.
Energy bills are currently predicted to rise from £2,500 to £3,702 when the EPG ends.
This has caused thousands of households anxiety over rising energy prices, including some who has previously been locked into fixed deals.
You can read more about what the price cap change means for you here.
But some Shell Energy customers will be able to switch back to their fixed deal, which is due to end in July 2024.
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What is Shell offering and am I eligible?
The move will ensure that customers who moved to the variable tariff under the assumption that prices would be fixed at a lower lever for two years, will not be penalised when the price guarantee now ends in April.
The offer affects customers who were on the July 2024 fixed tariff, priced at £2,745 a year for the typical household.
These customers will be contacted and given the option to move back to the fixed tariff on the same terms as before.
Customers will be first contacted by phone, so make sure your account details are up to date.
If Shell cannot get in touch with you then it will try other methods such as email and text if need be.
Shell has already begin to contact customers and should have contacted all eligible ones by next week.
Once you’ve accepted the change, it should take a day or two to switch over.
There will be no charges to switch tariff.
If you’re currently not a customer of Shell Energy but would like to be, bear in mind you won’t be able to get this offer.
It’s for current customers only who also meet the criteria.
This offer will only last until April, but could save you nearly £1,000
In April, once the EPG ends, your price will automatically change. For example, if your bill is due on the 15th of every month, then you’ll be charged the new price on April 15.
The latest Cornwall Insight prediction for the variable tariff in April is sadly a huge £3,702 for a typical household.
Shell’s fixed tariff stands at £2,745, so if you decide to switch back, you could save £957 – of course this is based on current predictions.
Just to follow up on the below answer, the change will be immediate, we would put them back onto the fixed tariff straight away.
The Sun has asked other energy providers if they’re going to do the same thing.
