The energy price crunch has affected Loop's tariff data supplier. We're currently only able to show Price Cap tariffs.
There are over 400,000 energy tariffs. Loop is a small company with less than 20 employees. Rather than collect tariff data ourselves, we rely on a third-party supplier for this data.
The energy price crunch has affected our supplier. Most of their revenue comes from energy switching. With no cheap tariffs in the market, switching revenue has disappeared. This turmoil has lead them to stop providing tariff data.
We are looking to get tariff data from other sources. This includes from smart meters themselves, other third-parties or allowing customers to enter their pricing details.
In the interim, the Loop app will include a single Price Cap Supplier and Price Cap Tariff. This sets your tariff at OFGEM's Price Cap level based on where you live in the country and how you pay your bill. On average this means a standing charge of 45p/day for electricity, 27p/day for gas and unit costs of 28p/kWh for electricity and 7.4p/kWh for gas. But this will vary based on how you pay your bill and where you live.
We recommend that you select the Price Cap Supplier and Price Cap Tariff. This will provide accurate costs for users on variable rate tariffs. If you're on a fixed rate tariff the costs won't exactly match your bill but are likely to be in the right ballpark. We will email all users who have selected a Price Cap Tariff when more tariffs are available. A step-by-step guide to adding the Price Cap Tariff is here.
If you set your tariff before we made this change, Loop will continue to use the tariff you set. But Loop won't be able to update your tariff if the price changes or at the end of the contract term. We are doing everything we can to have a better solution in place as soon as we can.