British Gas gives households the opportunity to cut electricity costs by 50% every Sunday from 11am (Image: Getty)
British Gas is urging households across the UK to follow an ‘11am rule’ to cut their energy bills “immediately”.
The advice comes after conflict in the Middle East has driven up wholesale energy costs, which is expected to result in higher energy bills for households in the coming months. US-Israeli strikes on Iran, followed by retaliatory strikes across the region, on February 28, has led to a spike in oil prices, and as gas prices are linked, it means wholesale gas prices have also gone up. As such, it currently costs energy suppliers more to buy energy to supply to customers. According to price comparison website Uswitch, gas has risen to its highest levels in more than three years, and as it plays a key role in electricity pricing, it’s likely to result in a spike in electricity costs as well.
The spike in oil and wholesale gas prices hasn’t yet filtered through to Ofgem’s energy price cap, as this is fixed until the end of June, but experts are predicting a bill rise from July 1 as the new price cap takes effect.
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The Ofgem energy price cap will provide protection for households on variable tariffs until the start of July, regardless of developments in the Middle East, but from July 1, British Gas predicts prices will rise by around 9%, with further increases expected to follow in October and January.
As for fixed-term tariffs, the major energy supplier said these are likely to be more expensive to reflect increases in wholesale prices.
Switching to a fixed tariff now can be a cheaper option as it protects households if energy prices rise, but British Gas says “it really depends on how much price certainty you’d like”.
However, the supplier says there are other things you can do to cut your energy bills to start saving money “immediately” – and this includes following an ‘11am rule’.
British Gas gives households the opportunity to cut their electricity costs by 50% every single Sunday from 11am through its PeakSave scheme.
The cheapest time of day to carry out energy-guzzling tasks, such as using the oven or running the washing machine, will vary depending on what tariff you’re on, but the scheme is open to all customers – no matter what tariff you’re on – and those who join can cut enjoy half-price electricity every Sunday between 11am and 4pm.
During the five-hour PeakSave event, customers can use as much electricity as needed at half the usual price, and you don’t need to opt in each week as British Gas will automatically include those who are signed up every Sunday.
In fresh advice this month in response to the Iran War, Simon Wood, head of energy pricing and costing, said: “How can I reduce my energy bills immediately? There are all sorts of ways to save energy around the home, from turning down your thermostat to choosing shorter cycles on appliances like washing machines and dishwashers.
“For electricity, you can make savings if you’re on a dual-rate tariff by shifting as much usage as you can to your cheaper hours. And, if you’re with British Gas for your energy, definitely sign up for PeakSave, so you can make the most of half-price electricity on Sundays, from 11am to 4pm!
“If you’re on a variable tariff with cheaper off-peak electricity, check which hours qualify for the lower rate on your tariff. That will be the best time to use energy-hungry appliances like ovens and tumble dryers.
“If you’re on a single-rate tariff, you’ll pay the same for boiling a kettle at 4am as 4pm, so if you’re a British Gas customer, you’ll only be able to take advantage of lower-cost power on PeakSave Sundays between 11am and 4pm. We also have various time-of-use offers available that can help you save money on heat pumps and EV charging.”
