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Price War? New cheapest fixed-energy plan from First Utility

First Utility have unveiled the cheapest fixed-rate plan on the market: the iSave Fixed v3.

The new plan costs the average dual-fuel user £1040 a year, with fixed rates until 31st December 2013. The plan is only available on monthly direct debit (often the cheapest method of paying for your energy) and includes a cancellation fee of £30 per fuel (£60 for dual-fuel).

The iSave Fixed V3 plan has now replaced ScottishPower’s Energy Fixed November 2013 – which was launched just two weeks ago – as the cheapest energy tariff on the market.

First Utility’s plan is £12 a year less than the previously cheapest plan from ScottishPower, and is also the longest fixed deal. However, ScottishPower’s plan has no exit fees.

The introduction of First Utility’s new tariff widens the gulf between the lowest priced and most expensive plan available – the difference is now over £300.

Ann Robinson, Director of Consumer Policy at uSwitch, says:

“The launch of the cheapest and longest fixed plan on the market from First Utility is great news for consumers. Just two weeks after ScottishPower came out with the lowest fixed price deal, the battle for competitive plans is really hotting up, with First Utility coming out fighting.

“We have seen signs recently that there could be a light at the end of the tunnel for those households struggling with their energy bills.

“As well as Good Energy’s price cut yesterday and the introduction of the cheapest plan by First Utility we have continued to see falling wholesale prices. We urge the Big Six to follow the smaller suppliers’ lead in offering lower energy tariffs to their customers, and to do it sooner rather than later.”

Best Buy plans

Supplier

Plan Name

Price

First Utility

iSave Fixed V3

£1,040

ScottishPower

Online Energy Saver 20

£1,050

ScottishPower

Online Energy Fixed November 2013

£1,052

EDF Energy

Blue +Price Promise September 2013

£1,054

Sainsbury’s Energy

 

Online Price Freeze June 2013 (MDD)

£1,058

npower

Bill Saver November 2013

£1,086

Ovo Energy

New Energy Fixed*

£1,088

E.ON

SaveOnline 12

£1,113

British Gas

Online Variable Aug 2013

£1,120

SSE

Fixed Discount April 2014 (with paperless billing)

£1,140

Average

£1,081

Learn more

Cheapest energy supplier – Who is the cheapest supplier for you?

Gas and electricity price changes – Keep up to date with the latest gas and electricity prices rises and price cuts.

Utility bill breakdown – What are you actually paying for in the average utility bill?

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