Fixed tariff energy customers warned to switch before the end of July to avoid being penalised by average £85.80

23rd July 2014

img

Price comparison site GoCompare is warning households on fixed tariff bills they could be switched on to a much higher standard tariff if they fail to choose a new deal by next Thursday.

The average increase would be 8%. Among the tariffs due to expire are those from British Gas and Scottish Power, two of the UK’s largest energy suppliers, as well as Sainsbury’s Energy and an electricity-only deal from iSupplyEnergy.

The average bill increase that people who have yet to switch can expect is £85.80, but ranges from £33.22 to £142.27 a year.

The biggest price increase will be felt by Scottish Power customers living in South East England, who are currently on the Online Energy Saver 22 tariff, and who have not taken steps to find a better deal yet.

They can expect to see their annual bill jump by £155.77 on average. But the comparison site says that if they switched to Extra Energy’s Fixed Price September 2015 v11 dual fuel tariff, instead of spending £1,208 on Scottish Power’s standard tariff they could have an annual bill of just £990, which is a saving of £218.

Impact of tariffs coming to an end on Thursday 31 July 2014

(based on a medium user – 3,200 kWh of electricity and 13,500 kWh of gas per year – paying by monthly direct debit and averaged across all UK regions)

Supplier Tariff coming to an end Dual fuel? Annual

cost

Annual cost of standard tariff Difference

(£ and %)

British Gas Price Promise July 2014 Yes £1,159.74 £1,192.97 +£33.22

(+2.79%)

Sainsbury’s Energy Price Promise July 2014 Yes £1,159.74 £1,192.97 +£33.22

(+2.79%)

Sainsbury’s Energy Online July 2014 Yes £1,094.38 £1,192.97 +£98.59

(+8.26%)

Sainsbury’s Energy Price Check July 2014 Yes £1,062.92 £1,192.97 +£130.05

(+10.90%)

Scottish Power Online Fixed Price Energy August 2014 Yes £1,102.25 £1,199.12 +£96.86

(+8.08%)

Scottish Power Online Energy Saver 22 Yes £1,056.85 £1,199.12 +£142.27

(+11.86%)

iSupplyEnergy iFix (pre 10th July 2013) No (elec. only) £443.68 £510.04 +£66.36

(+13.01%)

Jeremy Cryer, energy spokesperson at Gocompare.com, says: “When your fixed energy tariff is coming to an end you will be notified by your supplier, and usually around 42 to 49 days before it’s due to expire. As soon as you have received this notice you can switch without fear of being charged an early exit fee, so this is when you should shop around to look for a better energy deal.

“Bear in mind that it can still take around four to six weeks to switch suppliers, so it’s important that you start to compare the different tariffs available to you sooner rather than later. That way, if you decide to switch you won’t be waiting too long before you’ll be paying for energy at your new tariff’s rates.

Top ten cheapest tariffs

Provider Tariff Annual cost
Co-operative Energy Fair & Square September 2015 £989
First Utility iSave Fixed v27 September 2015 £992
Extra Energy Fixed Price September 2015 v11 £993
Green Star Energy No Worries 12 Months Fixed version 1406 paperless £1,009
Ovo Cheaper Energy Fixed £1,011
EDF Blue+ Price Promise February 2016 £1,049
ScottishPower Online Fixed Price Energy September 2015 £1,063
Green Star Energy No Worries 24 Months Fixed version 1405 paperless £1,065
Ovo Greener Energy Fixed (Online) £1,069
First Utility iSave Fixed v21 September 2016 £1,070

Based on dual fuel, payment by monthly direct debit, averaged across all UK regions and based on an annual energy usage of 13,500kWh gas and 3,200kWh electricity (medium user). Correct as of 18/07/2014.

 

Leave a Reply

Your email address will not be published. Required fields are marked *