‘Switch and shave’
‘Switch and shave’ say energy experts as fixed-rate tariffs end and beards grow.
So why Switch? 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. Likewise whiskers are on the grow with male adults now growing more beards than ever.
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.
It’s obvious that prices, particularly electricity are heading upwards,
WET FISH MOMENT: 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 sent their prices into orbit 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.
Norweb Energy business development manager Mark Brooks said wholesale energy prices have risen hugely over the past 12 months. “When energy suppliers fixed deals were 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.
Be afraid, be VERY AFRAID: 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.
Many fixed-rate dual-fuel energy tariffs pulled since Brexit vote
A NorwebEnergy.co.uk 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 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.