Important energy tariff update
Last updated: Thursday 7 October
This is a truly unprecedented time in the market. As wholesale costs have dramatically increased, we’ve made the decision to temporarily remove our fixed tariffs, as we can't give you a fair price that offers great value at this moment in time.
Read on for more information about the state of the wholesale energy market, changes to our tariffs and advice for new and existing customers right now.
We’re regularly updating this page so keep an eye out here for the latest news.
We’re here to stay for the long term
Shell Energy is a well backed business, with experienced leadership and a strategy that plans for the long term with the necessary provisions to ride this wave, so our customers and colleagues can rest assured.
We have an important mission - to guide our customers to a better energy future and support British households in the transition to net-zero emissions. We remain committed to that purpose in the decades to come.
What’s going on in the wholesale energy market?
The wholesale market is where suppliers, like us, buy the energy that we supply to our customers. The cost of buying wholesale energy makes up the largest part of the typical household energy bill (around 40%). This means that when the wholesale costs go up, as they have done significantly over the past year, our prices need to adjust as well.
Although we work hard to absorb as much of these costs as possible, unfortunately, the latest increase in wholesale costs has been so significant, we’ve had to increase our rates.
Read our blog for more information on wholesale energy prices and why our rates are changing.
Why we’ve decided to temporarily remove our fixed tariffs
We’ve removed our fixed tariffs because offering a fixed tariff right now would mean setting a price that’s so high it’s unlikely to represent a good deal compared to your existing tariff.
But it’s important to note that this change is only temporary. When wholesale prices stabilise, we’ll once again offer fixed tariffs at fair prices with 100% renewable electricity as standard.
Advice for new and existing customers
We understand that this may be an unsettling time and that you may want to get in touch with us.
Our customer service teams are getting lots of calls at the moment and we have a responsibility to prioritise calls from vulnerable customers. We assure you we’re doing our best to reduce waiting times, so please only call if you really need us.
You can help us keep our phone lines open by doing what you can online through My Account.
Don’t worry, there’s no need to contact us right now.
If you're on a fixed tariff that’s coming up for renewal, you’ll be moved to a flexible tariff (also known as a standard variable tariff or SVT) at the end of your contract period. You'll have the opportunity to switch to a fixed tariff when one becomes available via My Account.
If you're currently on a flexible tariff, you’ll stay on a flexible tariff and be protected from further price rises until April 2022 by Ofgem's Price Cap.
The simplest and easiest way to view your current tariff details is online through My Account. Simply log in with your account details.
If you do need some support, you can:
In line with wider industry advice, we recommend that you stay with your existing supplier, as you’re unlikely to find a better deal in the market right now.
My current energy supplier has gone out of business, what should I do?
If your current supplier has gone out of business, Ofgem (the government’s energy industry regulator) has safety measures in place to ensure you’ll always have an energy supply at home.
The best advice is to sit tight until you’ve been appointed a new supplier. Your new supplier will contact you to let you know the next steps.
You can also visit Ofgem’s website to read their step-by-step guide on what to do if it happens to you.