Small suppliers still dominating the energy best buy tables

Yet close to 95% of households are contracted to one of the big six energy firms

Would you switch to a small supplier for a better energy deal?

Would you switch to a small supplier for a better energy deal?

Despite the deals currently on offer from small energy suppliers almost 95% of the UK’s households remain contracted to one of the big six – British Gas, EDF Energy, E.ON, npower, ScottishPower and SSE.

This situation may, however, be set to change, as a recent uSwitch report revealed that 78% of consumers would switch to a small energy supplier if offered a cheaper deal.

There is currently a gap of almost £300 between the cheapest and most expensive energy plans on the market.

What’s the cheapest energy plan available today?

This is not as straightforward a question as you might think. Energy rates vary depending on personal circumstances, such as your location. For this reason the best way to identify the cheapest deal for your home is to run a price comparison.

However, our best buy table can give you an idea of what’s on offer, as it ranks the cheapest gas and electricity deals available for an average household. Ovo Energy currently tops the table following a recent price drop, which saw its average price drop below £1,000 per year.

Supplier

Plan Name

Price

OVO Energy

Cheaper Energy Fixed

£998

Flow Energy

Thames Online Fixed September 2015

£1,010

First:Utility

iSave Fixed May 2015

£1,013

Extra Energy

Fixed Price September 2015

£1,014

Spark Energy

Direct Debit Advance 4*

£1,058

Source: uSwitch.com
Based on a medium usage customer using 3,200 kWh of electricity and 13,500 kWh of gas paying by direct debit (Spark requires this in advance) with bill sizes averaged across all regions.

‘When wholesale prices fall, customers should see [bills fall]’

Managing Director of Ovo Stephen Fitzpatrick has previously slammed the behaviour of the big six energy companies.

Speaking on energy pricing he said: “Fair, transparent pricing will help consumers to trust the energy market again. That means when wholesale prices fall, customers shouldn’t see prices being frozen, they should see them falling.

“Lower wholesale costs and recent government policy changes have meant that the cost of energy is lower now than it was 12 months ago. Bills should be too.”

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