Cheapest deals removed as energy prices spike amid Brexit uncertainty

Energy suppliers replace ten of the cheapest energy deals with more expensive tariffs.

Cheapest deals removed as energy prices spike amid Brexit uncertainty

Over the past few weeks, a number of cheap energy deals have noticeably been withdrawn and replaced by more expensive tariffs.

Ten of the cheapest tariffs customers could switch to just over a month ago are all no longer available with one plan being replaced with a tariff costing £105 more expensive.

Industry experts have put the price increases down to a rise in wholesale gas and electricity prices, uncertainty around Brexit and a decrease in the value of the pound.

This will come as a shock to consumers who’ve seen the cost of energy fall continuously over the past couple of the years. Even loyal customers who remain on expensive standard tariffs have seen a small reduction in the cost of their bill.

Our analysis of the top 10 tariffs last month shows an average increase by £46 with the largest price rise averaging more than £100.

 Death of the cheapest tariffs

Supplier Cheapest Fixed Deal - 1st June Cheapest Fixed Deal - 13th July Price Increase
Iresa £734 No Tariff Available n/a
GB Energy Supply £735 £780 £45
Avro Energy £737 £747 £10
Sainsbury's Energy £750 £844 £94
So Energy £750 £779 £29
GnERGY £751 £786 £35
isupplyenergy £752 £776 £24
Flow Energy £752 £792 £40
Octopus Energy £763 £777 £14
extraenergy £770 £875 £105
Average £749 £795 £46

 

The trend of increased energy bills looks set to continue with a 21% rise in wholesale gas prices and 18% increase in wholesale electricity prices in the last two months alone.

There are a number of cheap deals still being offered by various suppliers, so households should take up a cheap fixed deal now as it’s difficult to see prices getting lower in the coming months.

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