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| ‘Switch and save’ say energy experts, as fixed-rate tariffs end ‘Switch and save’ say energy experts, as fixed-rate tariffs end | |
| (25 days later) | |
| Householders who signed up to one of 64 fixed-price gas and electricity tariffs which are due to expire in the next few weeks are facing price rises of up to £285 a year, energy experts are warning. | Householders who signed up to one of 64 fixed-price gas and electricity tariffs which are due to expire in the next few weeks are facing price rises of up to £285 a year, energy experts are warning. |
| Around a year ago, thousands of UK households moved to one-year fixed energy tariffs, but 12 months on they will be dumped on to their energy provider’s much more expensive “standard” tariff unless they once again switch to a new deal. | Around a year ago, thousands of UK households moved to one-year fixed energy tariffs, but 12 months on they will be dumped on to their energy provider’s much more expensive “standard” tariff unless they once again switch to a new deal. |
| Providers with fixed-price tariffs coming to an end in November and December include five of the big six suppliers – Scottish Power, SSE, npower, EDF and British Gas – as well as smaller suppliers GnERGY, Spark Energy, and Extra Energy, which alone has 25 fixed tariffs ending soon. There are at least 23 fixed-term deals expiring in November, with a further 41 in December, said Moneysupermarket, which has this week crunched the relevant numbers. | Providers with fixed-price tariffs coming to an end in November and December include five of the big six suppliers – Scottish Power, SSE, npower, EDF and British Gas – as well as smaller suppliers GnERGY, Spark Energy, and Extra Energy, which alone has 25 fixed tariffs ending soon. There are at least 23 fixed-term deals expiring in November, with a further 41 in December, said Moneysupermarket, which has this week crunched the relevant numbers. |
| All the signs are that prices – particularly electricity – are heading upwards, so fix now while you can | All the signs are that prices – particularly electricity – are heading upwards, so fix now while you can |
| Customers on Co-op Energy or GB Energy’s standard tariffs should also consider moving. Last month, the Co-op whacked up prices to the extent that those on its standard tariff are now typically paying £49 a year more than the equivalent with a big six supplier. GB also raised its standard tariff in October by 29%, from £820 to £1,060, which is a £240 increase. | Customers on Co-op Energy or GB Energy’s standard tariffs should also consider moving. Last month, the Co-op whacked up prices to the extent that those on its standard tariff are now typically paying £49 a year more than the equivalent with a big six supplier. GB also raised its standard tariff in October by 29%, from £820 to £1,060, which is a £240 increase. |
| Moneysupermarket consumer affairs expert Kevin Pratt said wholesale energy prices have risen hugely over the past 12 months. “When Extra Energy’s Fresh Fixed Nov 2016 v1 was introduced in July 2015, wholesale prices were £42.30 per megawatt hour. However, they are now £61.50, meaning customers rolling on to standard variable tariffs could be in line for even more price hikes over the coming months, unless they take action and switch to another fixed deal,” he said. | Moneysupermarket consumer affairs expert Kevin Pratt said wholesale energy prices have risen hugely over the past 12 months. “When Extra Energy’s Fresh Fixed Nov 2016 v1 was introduced in July 2015, wholesale prices were £42.30 per megawatt hour. However, they are now £61.50, meaning customers rolling on to standard variable tariffs could be in line for even more price hikes over the coming months, unless they take action and switch to another fixed deal,” he said. |
| Providers automatically move customers whose fixed-rate deals are ending on to a standard variable rate tariff, which is usually their most expensive deal, and some of those affected could see their bills rise by as much as £285 as a result, he warned. | Providers automatically move customers whose fixed-rate deals are ending on to a standard variable rate tariff, which is usually their most expensive deal, and some of those affected could see their bills rise by as much as £285 as a result, he warned. |
| Most fixed-price tariffs include exit penalties, but these cannot be levied within 45 days of the tariff end-date, so customers have more than six weeks to switch penalty-free before their tariff ends. | Most fixed-price tariffs include exit penalties, but these cannot be levied within 45 days of the tariff end-date, so customers have more than six weeks to switch penalty-free before their tariff ends. |
| Mark Todd, who runs rival switching website Energyhelpline.com, said all consumers can expect to be paying 5% more for their electricity after this winter as suppliers push up prices. He notes that there has already been an 11% increase to some of the cheapest tariffs in the past month that has resulted in the most competitive deals rising by £85 a year. “You want to be looking for a fixed-price deal, for sure. A comparison search will show you the best for your region and consumption, but all the signs are that prices – particularly electricity – are heading upwards, so fix now while you can,” he said. | Mark Todd, who runs rival switching website Energyhelpline.com, said all consumers can expect to be paying 5% more for their electricity after this winter as suppliers push up prices. He notes that there has already been an 11% increase to some of the cheapest tariffs in the past month that has resulted in the most competitive deals rising by £85 a year. “You want to be looking for a fixed-price deal, for sure. A comparison search will show you the best for your region and consumption, but all the signs are that prices – particularly electricity – are heading upwards, so fix now while you can,” he said. |
| Joe Malinowski of TheEnergyShop website agrees that there is little point in getting stuck with an overpriced energy bill as winter approaches. “It really is time to get yourself a discounted fixed deal, and to do it quickly,” he said. | Joe Malinowski of TheEnergyShop website agrees that there is little point in getting stuck with an overpriced energy bill as winter approaches. “It really is time to get yourself a discounted fixed deal, and to do it quickly,” he said. |
| An Energyhelpline search this week reveals that one company, Iresa, is currently the UK’s cheapest dual fuel supplier at £744 a year – £50 cheaper than its nearest rival iSupplyEnergy. Both names will be new to most readers, and come with unproven customer service. | An Energyhelpline search this week reveals that one company, Iresa, is currently the UK’s cheapest dual fuel supplier at £744 a year – £50 cheaper than its nearest rival iSupplyEnergy. Both names will be new to most readers, and come with unproven customer service. |
| The iSupplyEnergy tariff, at £794 a year, is fixed for three years, which could be a huge bargain if prices rise significantly between now and 2019. | The iSupplyEnergy tariff, at £794 a year, is fixed for three years, which could be a huge bargain if prices rise significantly between now and 2019. |
| The cheapest well-known supplier is Sainsbury’s (which is British Gas in all but name), which costs £811 a year and is a 12-month fixed deal. | The cheapest well-known supplier is Sainsbury’s (which is British Gas in all but name), which costs £811 a year and is a 12-month fixed deal. |
| The average standard tariff with a big provider is currently around £1,086 a year, meaning most customers on such a deal could save at least £200 a year by switching supplier. | The average standard tariff with a big provider is currently around £1,086 a year, meaning most customers on such a deal could save at least £200 a year by switching supplier. |