A large number of people in the UK may wish to perform an energy comparison to find cheap gas and electricity deals due to suggestions prices are set to increase.
Last week, Centrica, the owner of British Gas, warned the cost of wholesale gas has increased by around 15 per cent for next winter, which could lead to households seeing their bills climb.
Commenting on the news, Mark Todd, director of independent price comparison site energyhelpline.com, said this should be taken "very seriously" as British Gas is the largest provider in the UK, with almost ten million customers.
"From what we are hearing, other suppliers are feeling similar pressures, so further price rises across the board are very possible," he warned.
The expert added that as the most common time for energy suppliers to increase their tariffs is during the summer months, people could see their bills increase before next winter.
Mr Todd therefore urged customers to do all they can to minimise the impact of such a move on their household finances by seeking out the cheapest available deals.
"You can switch to a fixed rate tariff, but you need to do it as soon as possible. The earlier the switch, the cheaper the prices will be," he said.
Switching could have major benefits to a household, as Mr Todd suggested the expected price hikes will be significant.
"Wholesale gas increases of 15 per cent typically translate to bill increases of 10 per cent, so we could expect the average bill to rise by around £80 a year," he said, adding Centrica has warned other costs could add an extra £50 on top of this.
As a result, the average home could expect to be paying around £1,400 a year for their gas and electricity supplies over the next 12 months, the highest figure ever.
Also commenting on Centrica's statement, director of energy at Consumer Focus Audrey Gallacher said suppliers will have to demonstrate to their customers why tariff increases are warranted and prove they are fair.
If you want to find out more about how to compare energy suppliers and save hundreds of pounds in minutes, click here.
Share this story with your friends:-