Consumers warned that 96 tariff deals are now coming to an end
Those affected must act fast to prevent rising bills
Recent research has revealed that many UK households may be seeing their energy bills increase as of Sunday 30th June, as 96 different tariff deals come to an end. Four of the Big Six (British Gas, EDF, Npower, and ScottishPower) have fixed tariffs that are due to expire – and affected customers who do not act may see their bills go up to £1254.
But it is not only Big Six customers that are affected. Ten small suppliers will also be hiking prices on this date – with three times more price rises in total than those being introduced by the Big Six.
The Big Six hikes average at a £181.55 increase. The tariffs ending with small suppliers will increase by £145.40 on average. In many of these cases, customers on these tariffs who don’t switch will be placed on standard variable tariffs, also known as “default” tariffs – potentially bringing up the average annual cost of energy to £1254 (the current price cap limit).
Ofgem is expected to announce a change in the price cap limit later this summer, to take effect in October, which may impact tariffs in the future.
Fortunately, many consumers can continue to enjoy cheaper energy costs. All they need to do is take a few moments to switch to a new bargain energy deal, which they can fix for one year or longer.
Victoria Arrington from energyhelpline.com explains:
“Consumers truly must take matters into their own hands. Although we don’t tend to have the heating on during summer, appliances working overtime like fridges and fans can mean a price hike could really hurt your wallet!
“Now is the ideal time to spring clean your finances. After this year’s mild winter, many customers may be in credit with their supplier, potentially by as much as hundreds of pounds. But you could reclaim that money, and potentially save even more cash by taking just a few minutes to switch energy suppliers.
Remember, energy is the easiest big bill to switch. On average, those who switch could save a potential £300* on their energy bills over the course of a year, and some can save hundreds more.
“You don’t have to wait for you tariff to end to start looking for as good deal. In most cases you will have 49 days before the tariff end date to switch to a new supplier, with no exit fees. This gives customers plenty of opportunity to take the few minutes required to look up available deals online.
“With over 70 suppliers in the UK market, there are plenty of competitive deals out there with highly-rated suppliers. The British summer might be giving us a heatwave, but now it’s time to turn up the heat on energy suppliers.”
*All bill values and average savings figures in this message are based on the following: calculated against the latest OFGEM Supply Market Indicator for average UK home energy bills. UK average dual fuel bill for credit meters calculated as £1,254 a year. Average usage as per Ofgem standards, Gas 12,000 kWh pa and Electricity 3,100 kWh pa. Payment method: Monthly Direct Debit.