Small energy suppliers take starring role

When it comes to competitive deals, small energy suppliers continue to steal the show with Co-operative Energy the latest to swoop in and take a starring role. The supplier has today launched its Fixed March 2015 tariff, which is now the cheapest fixed price plan on the market costing consumers £1,168 a year.

This new deal is £224 a year cheaper than the average big six standard plan. It also challenges fellow small supplier, Ovo Energy, which spent just a week in the spotlight with its New Energy + Ovo Just Reward plan at £1,175 a year. But not only is Co-operative Energy’s deal £7 a year cheaper, it also protects for an extra four months, giving protection from price hikes for longer and comes without an exit penalty. In contrast, with Ovo’s plan customers will have to pay £30 per fuel if they switch before the fixed period is over.

The third cheapest fixed price tariff comes from a small supplier too, First Utility. Its tariff costs £1,178 a year matching the cheapest big six tariff on the market, E.ON’s Energy Fixed 1 Year.

Meanwhile, another small supplier, Spark Energy continues to reign as the cheapest overall supplier with its Advance 2 tariff, costing £1,116 a year – £52 a year cheaper than Co-operative Energy’s deal. However, this is a variable plan and so it won’t protect from price rises. It also requires payment in advance, which may not be suitable for everyone.

Tom Lyon, energy expert at Uswitch.com, says: “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.”

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Spark Energy

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Advance 2

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£1,116

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Co-operative Energy

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Fixed March 2015

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£1,168

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Ovo Energy

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New Energy + Ovo Just Reward

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£1,175

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First Utility

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iSave Fixed v12 June 2015

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£1,178

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E.ON

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E.ON Energy Fixed 1 Year

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£1,178

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npower

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Price Fix April 2015

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£1,202

| |

 EDF Energy

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Blue+Price Promise April 2015

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 £1,209

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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.

FOR MORE INFORMATION

Alexa Wheeler

Phone: 0207 1484 661

Email: alexa.wheeler@uswitch.com

Twitter: @uswitchPR

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