The tariff has been uSwitch’s most popular plan since its launch in the beginning of August and is expected to attract an increasing number of consumers.
M&S Energy’s Fix & Save plan costs the average user £1,139 per year and ensures customers are safe from this year’s rumoured winter price rises.
The ‘Fix & Save’ plan
The price of the M&S Fix & Save plan is calculated based on the average consumer, using 3,300 kWh of electricity and 16,500 kWh of gas every 12 months, paying monthly via direct debit and averaged across all regions in the UK.
Those looking to switch to the plan should be aware that it includes a £50 cancellation fee which will be levied at anyone who signs up and then decides to switch before the plan ends.
Customers on one of the big six energy supplier’s standard plans, who pay their bills by direct debit spend an average of £1,265 per year, meaning a switch to the M&S deal would save an average of £125.
Those on a standard plan who pay on receipt of their bill, pay an average of £1,353, meaning a change to the cheapest plan on the market would result in an average saving of £213.
Longer term energy plan options
Customers looking to lock in prices for longer should consider npower’s newly launched Price Protector March 2017 tariff, which is priced at £1341 per year. This plan is currently the longest available and does not have a cancellation fee.
ScottishPower’s new Help Beat Cancer Fixed Price Energy January 2017 tariff costs £1,350 per annum and has a £25 per fuel switching fee. ScottishPower donates £10 to Cancer Research UK for every customer who joins the tariff and a further £10 for every year until the plan ends.
Other options include EDF’s Blue+Price Promise December 2014 plan, which offers an annual price of £1209 ad doesn’t include any cancellation fees.
Price rises expected in coming months
Last winter the big six energy suppliers – British Gas, EDF Energy, E.ON, npower, ScottishPower and SSE – raised their prices by an average of 8.25%. In 2011, the same six suppliers hiked costs before winter, resulting in a 14.2% increase in the average energy bill.
Speaking in July, Nick Luff, finance director at Centrica, British Gas’s parent company, said “We will keep prices as low as we can for as long as we can”, but warned “if prices do have to go up, we will delay it for as long as possible.”
Figures released in August revealed that the big six have seen their collective profits increase by £3.3 billion in the past three years. In stark contrast, during the same time frame the average household bill has risen by £300.