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Energy prices shift again as First:Utility pulls its cheapest tariff

Where have all the cheap deals gone?

First Utility has pulled its market-leading iSave Fixed v3 plan off the market with immediate effect. With an average annual cost of£1,040 a year, it was the cheapest plan on the market, meaning one less cheap deal.

Cheap energy deals have being doing a bit of a disappearing act in recent months, and today’s news is the second market-leading fixed plan to be removed in recent weeks.

EDF’s popular Energy Blue + Price Promise April 2014 was also removed at the end of August, which means the cheapest energy deal available today is ScottishPower’s Online Fixed Price Energy January 2014 – £12 a year more than the First Utility plan.

Tom Lyon, energy expert at uSwitch urged customers to switch to a cheap fixed plan before any more are pulled:

“What First Utility’s move today means is that consumers who want to fix their energy prices cannot afford to hang around. The cost of fixed price plans is creeping upwards and exit penalties are creeping back in.

“The fact is that consumers acting today are able to get an exceptional deal – a low price today, coupled with a price guarantee and no exit penalties. But this type of offer is not going to be around for long.”

 Which supplier is the cheapest? 

Supplier Plan Name

Price

ScottishPower

Online Energy Fixed January 2014

£1,052

Sainsbury’s Energy

Online Variable September 2013

£1,068

npower

Energy Online January 2014

£1,071

Ovo Energy

New Energy Fixed*

£1,088

E.ON

SaveOnline 12

£1,113

British Gas

Online Variable Aug 2013

£1,120

 

Average

£1,085

Source: uSwitch.com

Learn more:

What is a fixed price energy tariff?

Who is the cheapest energy supplier?

*Not available in Scottish-Hydro region. Based on a medium user consuming 3,300kWh electricity and 16,500kWh gas with bill sizes averaged across all regions.

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