British Gas, Octopus, Ovo, EDF, EON customers risk having £75 wiped from bank account

10 million households risk overpaying on their energy bills by a collective £186 million as the cost of living crisis continues.

Customers of British Gas, Octopus, Ovo and EDF have been slapped with a £75 overcharge warning. 10 million households risk overpaying on their energy bills by a collective £186 million as the cost of living crisis continues.

The price cap is due to increase by 10% in October and stay high throughout the winter. That means switching to a fixed deal now will help protect you from high bills until the spring. Standard variable tariffs are traditionally the most expensive tariff type, though this has changed in the past few years.

They're capped by the price cap, which means that if the price cap increases, so do your unit rates. Uswitch warned households face a £18.81 hike weekly on average from October 1 - meaning if you failed to take an accurate reading, you risk a £76 charge.

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“Those on SVTs without a smart meter who fail to submit meter readings on or around 1 October risk having some of their usage estimated and possibly charged under the new higher rates," the comparison energy experts said.

“The difference between a week’s worth of energy at October’s rates compared with September’s is £18.81 for the average household. Therefore, if those ten million households didn’t submit a reading by 1 October and their usage was estimated, just a week's worth of energy at the more expensive rates could see them overpaying by £186 million in total.”

Ben Gallizzi, energy expert at Uswitch.com, said: “With energy prices rising next week, it’s vital that households submit a meter reading, with a £19 difference between the cost of a week’s energy at September’s prices compared with October.

“Customers who don’t have a smart meter should aim to submit their readings before or on Tuesday 1 October, so their supplier has an updated – and accurate – view of their account. If you delay submitting your readings, some of your September energy usage could end up being estimated and therefore charged under the higher October rates. Try making this task a monthly habit for billing accuracy.

“Households are also advised to see whether now is the time to change their energy tariff, to beat the October price hikes. There are a number of fixed tariffs worth considering right now. By opting for a fixed deal, you’re locking in those rates for the duration – usually 12 months – which means households could have price certainty and avoid the ups and downs of the price cap.”