Almost 300,000 people seeing millions in savings against energy price cap
E.ON Next customers who have signed up to its pioneering Pledge tariff are on track to save more than £14 million over the year thanks to a guarantee their prices will always remain £50 below the energy price cap*.
Energy regulator Ofgem announces the latest change to its price cap this week and with analysts predicting a reduction of about £250, customers signing up to the E.ON Next Pledge tariff now could see a further reduction of £50 on their average energy bills.
Since its launch in August 2023, almost 300,000 customers have signed up to the E.ON Next Pledge tariff, currently the only one year fixed term tariff on the market guaranteed to stay as much as £50 below the industry-wide price cap. Over the course of the year those 300,000 people are collectively expected to save around £14 million compared to the industry-wide price cap, having already saved as much as £5 million since the tariff was launched**.
Julian Lennertz, Chief Commercial Officer at E.ON Next, said: “It’s great news that prices continue to fall following the energy crisis of recent years, and more so that customers on our Pledge tariff have found an easy way to always pay less than the cap.
“Hundreds of thousands of our customers are already seeing the benefits of this deal, which add up to the millions of pounds saved, helping them get more out of their energy.”
Next Pledge is a 12-month fixed term tariff which tracks the price cap and guarantees to always remain £50 below the cap*. Prices change each quarter in line with the price cap, which means if the cap continues to fall, as predicted for April and again in July, so will Pledge. The tariff is available to both new and existing customers.
Ends
Notes to editors
* = The tariff will remain £50 below the cap at Ofgem average annual dual fuel consumption of 11,500 kWh for gas and 2,700 kWh for electricity
** = Based on Next Pledge customers consumption.
- Next Pledge is currently priced at £1,878 and will fall to £50 below the new cap level (as announced by Ofgem) on 1st April. The price is based on average annual use and will differ according to consumption.
- Customers need to pay by Direct Debit and agree to have a smart meter installed where eligible. Exit fees of £25 per fuel apply.
Legal information
The information (including any forecasts or projections) contained in these press releases (the "Information") reflects the views and opinions of E.ON on the date of the press release. The Information is intended as a guide only and nothing contained within these press releases is to be taken, or relied upon, as advice. E.ON makes no warranties, representations or undertakings about any of the Information (including, without limitation, any as to its quality, accuracy, completeness or fitness for any particular purpose) and E.ON accepts no liability whatsoever for any action or omission taken by you in relation to the Information. Any reliance you place on the Information is solely at your own risk. These press releases are the property of E.ON and you may not copy, modify, publish, repost or distribute it without our permission. © E.ON 2024