Cheapest deals removed as energy prices spike amid Brexit uncertainty
Energy suppliers replace ten of the cheapest energy deals with more expensive tariffs.
Over the past few weeks, a number of cheap energy deals have noticeably been withdrawn and replaced by more expensive tariffs.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|
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.