New energy plan from Co-operative Energy is cheapest fixed tariff

Independent suppliers move into pole position in best buy tables and issue direct challenge to big six

New plan is cheapest fixed price tariff on the market

New plan is cheapest fixed price tariff on the market

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Co-operative Energy today unveiled its Fixed Price 31 March 2015 tariff, which costs the average dual fuel consumer £1,168 per year and represents the cheapest deal on the market.

The new plan is £247 less expensive than the average standard tariffs on offer by the big six energy providers and is £7 cheaper and four months longer, than the next best deal.

Independent suppliers claim top three spots

The new tariff means that the ‘best buy’ table for fixed plans is now dominated by offerings from small suppliers. Ovo Energy’s New Energy + Ovo Just Reward tariff is second, and costs the average consumer £1,175 per year.

In joint third, First Utility’s iSave Fixed12 June 2015 costs an average of £1,178 per year, the same as E.ON’s Energy Fixed 1 Year deal.

Spark Energy continues to top the overall cheapest plan with its Advance 2 tariff, which is £52 per year less expensive than Co-operative Energy’s new deal but does not offer protection from price rises. The plan also requires payments to be made in advance.

‘Welcome indication of what real competition could achieve’

Tom Lyon, energy expert at uSwitch, said: “To see another small supplier at the top of the ‘best buy’ table is fantastic news and a welcome indication of what real competition could achieve in this market. The deals are there and it’s in the hands of consumers to snap them up and fan the flames of competition. Only with a healthy competitive market will we see suppliers battle it out to offer the cheapest plans, superior services and to drive costs and inefficiencies down.

“In recent weeks, we have seen the number of consumers switching to smaller suppliers soar from 17% to 29%. This is encouraging, but many are still reluctant to take the leap. The good news is that their fears are unfounded and, with the right education and support, consumers could have the confidence to try out a new supplier and benefit from one of these competitive new deals.”

Best buy plans

Supplier

Plan Name

Price

Spark Energy

Advance 2

£1,116

Co-operative Energy

Fixed Price 31 March 2015

£1,168

Ovo Energy

New Energy + Ovo Just Reward

£1,175

First Utility

iSave Fixed v12 June 2015

£1,178

E.ON

E.ON Energy Fixed 1 Year

£1,178

npower

Price Fix April 2015

£1,202

EDF Energy

Blue+Price Promise April 2015

£1,209

Source: uSwitch.com

Based on a medium user consuming 3,300 kWh of electricity and 16,500 kWh of gas on a dual fuel tariff, paying by monthly direct debit with bill averaged across all regions.

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Join the conversation

  • Bogue

    What a mess this whole market is in, just a fiasco ! Remember the good old days with BGas when service meant service, tariffs were transparent and uniform throughout Great Britain. Oh my, what have we lost ?

  • DINNYMILFORD

    Re-nationalise the lot?

  • Martin H

    I moved to cooperative energy in March 2013 can I join the new plan?

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