18th May 2015
Households who do not act soon could see their energy bills rise by £65.54 at the end of May, when 10 fixed-term tariffs expire, Gocompare.com has urged.
The comparison site asserted that bill payers on these soon-to-be over deals will see an average annual rise of 5.9% when they are automatically rolled onto their supplier’s standard tariff.
In total, 14 tariffs are due to expire at the end of May, including tariffs from British Gas, Scottish Power, Npower, M&S Energy, First:Utility and Sainsbury’s Energy.
Households in the so-called Norweb distribution area, which includes Manchester, Blackpool and Wigan, on the First:Utility iSave Fixed v18 May 2015 tariff will be the hardest hit, when they face a significant rise of £309.87, or 23.68%, when they are moved onto the £1,308.17 a year iSave Everyday tariff deal.
While the majority of deals ending in May will see customer’s bills rise, there are a few fixed tariffs that slightly more expensive than the supplier’s standard variable tariffs. This means that four of the tariffs expiring will result in customer’s bills dropping. However, with a drop of just 2.3% households could still save considerably more by shopping around than sticking with their existing supplier.
Jeremy Cryer, at Gocompare.com said: “While the deal you fixed to might have been the best option for you at the time, the energy market has become increasingly competitive over the past several months, which means it’s incredibly unlikely you’ll be getting the best deal with your supplier’s standard variable tariff.
“There are plenty of good deals to be had out there, with the top 10 cheapest tariffs in the UK all having an average annual cost of less than £1,000. Considering that switching your energy supplier online can be a quick and easy process, there’s really no excuse not to get out there and make sure you’re getting the best possible deal for you.”
Impact of tariffs coming to an end on Sunday 31 May (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||Enddate||Dual fuel?||Annualcost||Annual cost of standard tariff||Difference(£ and %)|
|British Gas||Fix & Gift card May 2015||31/05/15||Yes||£1,181.97||£ 1,156.11||-£25.86 (-2.19%)|
|British Gas||Fixed Price May 2015||31/05/15||Yes||£1,076.05||£1,156.11||£80.06 (7.44%)|
|British Gas||Discount Fix May 2015||31/05/15||Yes||£1,024.89||£1,156.11||£131.22 (12.80%)|
|Fixed to May||31/05/15||Yes||£1,125.21||£1,176.43||£51.21 (4.55%)|
|Co-op Energy||Fixed to May Paper Billing||31/05/15||Yes||£1,125.21||£1,176.43||£51.21 (4.55%)|
|First:Utility||iSave Fixed v11 May 2015||31/05/15||Yes||£1,046.26||£1,134.85||£88.59 (7.81%)|
|First:Utility||iSave Fixed v18 May 2015||31/05/15||Yes||£1,013.48||£1,134.85||£121.37 (10.69%)|
|M&S Energy||Fixed Price May 15||31/05/15||Yes||£1,130.01||£1,186.27||£56.26 (4.98%)|
|Npower||Price Fix May 2015||31/05/15||Yes||£1,107.22||£1,169.33||£62.11 (5.61%)|
|Sainsbury’s Energy||Fix & Reward May 2015||31/05/15||Yes||£1,192.97||£1,156.11||-£36.86 (-3.19%)|
|Sainsbury’s Energy||Fix & Nectar May 2015||31/05/15||Yes||£1,192.97||£1,156.11||-£36.86 (-3.19%)|
|Sainsbury’s Energy||Fix & Nectar May 2015||31/05/15||Yes||£1,142.80||£1,156.11||£13.31 (1.15%)|
|Scottish Power||Simply Green Energy June 2015 NSC||31/05/15||Yes||£1,176.86||£1,166.37||-£10.49 (-0.89%)|
|Scottish Power||Simply Green Energy June 2015 Online NSC||31/05/15||Yes||£1,166.36||£1,166.37||£0.01 0%|
Top ten cheapest dual fuel tariffs
|Supplier||Tariff||Annual cost||Early exit fees|
|first:utility||isave Fixed May 2016 v3||£899||£30 per fuel|
|extraenergy||Fresh Fixed Price Sept 2016 v1||£913||£25 per fuel|
|GnERGY||Fixed June 2016 v1||£915||£25 per fuel|
|ScottishPower||Online Fixed Price Energy May 2016||£941||None|
|Cooperative Energy||Fair & Square May 2016||£944||£20 per fuel|
|GB Energy Supply||Premium Energy Saver||£951||None|
|npower||Price Fix July 2016||£951||None|
|Green Star Energy||Rate Saver 12 Month Fixed 1505 Paperless||£953||£30 per fuel|
|Ovo||Better Energy Fixed (Online)||£954||£30 per fuel|