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Fixed energy deal prices continue to rise as summer comes to a close

  • 21 energy suppliers have replaced their cheapest deals with more expensive plans since June, according to new analysis by com

  • 8 suppliers, including EDF, The Co-operative Energy, OVO Energy, Flow and Octopus have increased deal prices more than once over the summer

  • Co-op Energy hikes prices the most, with a total increase of £219

  • Soaring wholesale prices and market uncertainty following the EU referendum are fuelling the increases

  • But good deals are still available, with the average price of the top 10 fixed deals £82 cheaper than it was a year ago

  • com advises consumers who are worried about rising prices to shop around now to protect against further increases.

Switching on the heating may still be far from consumers’ minds, but the price of fixed energy deals has continued to rise over the summer, with some increasing by as much as £219, according to new analysis by Uswitch.com, the independent price comparison and switching service.

21 energy suppliers have replaced their cheapest fixed price deal with more expensive plans since June, increasing prices by an average of £23. The largest increase is with Co-operative Energy, whose ‘Co-op Fix for Longer September 2017’ tariff, costing £770 at the start of June, has since been replaced twice. Its equivalent deal, ‘Co-op Online October 2017’, now costs £989, an increase of £219. Co-operative Energy is one of eight suppliers, also including EDF, Avro Energy, Flow, GnERGY, OVO Energy and So Energy, who have hiked their prices twice over the summer. Octopus has increased the price of its cheapest fixed deal three times since the start of July.

The rising price of energy deals is linked to the wholesale cost of energy, which is climbing at its fastest rate in years, according to independent price reporting agency ICIS. Several factors, including upward pressure on the cost of energy imports from the falling value of sterling following the EU referendum, future energy supply concerns, higher transmission costs and the temporary closure of the Rough gas storage facility in the North Sea, are contributing to the price rises.

However, consumers can still find and take advantage of the best deals on the market. First Utility and npower are among several suppliers who have made price reductions since the start of August, and the current top ten best value fixed energy deals cost an average of £787, which is £82 less than at this time last year. The best value fixed deal, Avro Energy’s ‘Simple and Select’, currently costs £770 per year, which is £292 less than the average big six fixed deal.

Consumers who are concerned about the rising cost of energy should shop around now and consider switching to a better deal to protect themselves against any more price increases as we move into the colder months.

Claire Osborne, Uswitch.com energy expert, says: “Many suppliers are increasing the price of their cheapest energy deals amid concerns about rising wholesale energy costs and uncertainty in the market following the EU referendum. It remains to be seen whether this is just a blip – and wholesale prices still remain well below their high levels in 2013.

“The good news for consumers is that, despite these rises, the market’s most competitive plans are still hundreds of pounds less than the average big six standard tariff. Those who are concerned about their energy bills going up, especially as we head towards the autumn, should look around to see whether they can switch to a better tariff and consider fixed deals that can provide protection against further potential price rises.”

Find out how you could save over £1,000 a year with Uswitchhere.

FOR MORE INFORMATION

Charlotte Nunes

Phone: 020 7148 4664

Email: charlotte.nunes@uswitch.com

Twitter: @uswitchPR

Notes to editors

  1. Cheapest fixed energy tariff price changes since 10th June, 2016 (source: Uswitch.com)

The 21 suppliers who have increased the price of their fixed energy deals are: Affect Energy, Avro Energy, British Gas, Co-operative Energy, EDF, Extra Energy, First Utility, Flow, GB Energy, GnEnergy, Go Effortless Energy, Green Star Energy, iSupply, LoCO2, npower, Octopus, OVO, Places for People, Sainsbury’s Energy, ScottishPower and So Energy.

|

Supplier

| Previous tariff | Previous price | New tariff | New price | Launch date |

Difference

| | Affect Energy | Fixed Saver July 2017 | £785 | Fixed Saver August 2017 | £784 | 1st Aug | -£1 | | Affect Energy | Fixed Saver June 2017 | £778 | Fixed Saver July 2017 | £785 | 30th June | £7 | | Avro Energy | Simple and Fuel | £758 | Simple and Select | £770 | 1st Aug | £11 | | Avro Energy | Simple and Summer | £747 | Simple and Fuel | £758 | 14th July | £11 | | British Gas | HomeEnergy Fixed Sep 2018 | £1,019 | HomeEnergy Fixed Nov 2018 | £1,044 | 1st July | £25 | | Bulb | Vari-Fair | £845 | Vari-Fair | £840 | 14th July | -£5 | | Co-operative Energy | Co-op Fix for Longer October 2017 | £824 | Co-op Online October 2017 | £989 | 4th Aug | £165 | | Co-operative Energy | Co-op Fix for Longer September 2017 | £770 | Co-op Fix for Longer October 2017 | £824 | 18th July | £54 | | EDF Energy | Blue+Price Protection Aug17 | £909 | Blue+Price Protection Sep17 | £942 | 22nd Aug | £33 | | EDF Energy | Blue+Price Protection Jul17v2 | £875 | Blue+Price Protection Aug17 | £909 | 29th July | £33 | | EDF Energy | Blue+Price Protection Jul17 | £878 | Blue+Price Protection Jul17v2 | £875 | 12th July | -£3 | | EDF Energy | Blue+Price Promise July 2017v2 | £835 | Blue+Price Protection July 2017 | £878 | 28th June | £43 | | Extra Energy | Fresh Fixed Price Aug 2017 v1 | £875 | Fresh Fixed Price Sep 2017 v1 | £843 | 18th Aug | -£31 | | Extra Energy | Fresh Fixed Price Oct 2017 v1 | £770 | Fresh Fixed Price Aug 2017 v1 | £875 | 8th July | £105 | | First Utility | First Fixed August 2017 v4 Online Only | £823 | First Fixed September 2017 Online Only | £817 | 23rd Aug | -£6 | | First Utility | | | First Fixed August 2017 v6 Online Only | £778 | 16th Aug | | | First Utility | First Fixed July 2017 v7 Online Only | £832 | First Fixed August 2017 v4 Online Only | £823 | 10th Aug | -£9 | | First Utility | First Fixed July 2017 v140 Online Only | £784 | First Fixed July 2017 v7 Online Only | £832 | 30th June | £48 | | Flow | Connect 8 | £792 | Connect 9 | £841 | 30th Aug | £49 | | Flow | Connect 7 | £752 | Connect 8 | £792 | 6th July | £40 | | GB Energy | Fixed 12 Topaz | £735 | Fixed 12 Crystal | £780 | 24th June | £45 | | GnERGY | GnERGY Fixed July 2017 | £786 | GnERGY Fixed September 2017 | £831 | 22nd Aug | £45 | | GnERGY | GnERGY Fixed June 2017 | £751 | GnERGY Fixed July 2017 | £786 | 15th June | £35 | | Go Effortless Energy | June 2016 v3 | £880 | July 2016 v1 | £875 | 20th July | -£5 | | Go Effortless Energy | June 2016 v2 | £845 | June 2016 v3 | £880 | 30th June | £35 | | Go Effortless Energy | June 2016 v1 | £830 | June 2016 v2 | £845 | 15th June | £14 | | Green Star Energy | Rate Saver 12m Fixed 2605 | £830 | Rate Saver 12m Fixed 1607 | £874 | 22nd July | £44 | | iSupply | iFix 201708 v2 | £776 | iFix 201709 | £831 | 5th Aug | £55 | | iSupply | iFix 201706 v2 | £785 | iFix 201708 v2 | £776 | 7th July | -£9 | | LoCO2 | Pocket Fixed Spring16 | £838 | Pocket Fixed Summer | £876 | 9th Aug | £38 | | npower | Online Price Fix September 2017 | £806 | Online Fix September 2017 | £801 | 22nd Aug | -£5 | | npower | Fixed Energy Online August 2017 | £807 | Online Price Fix September 2017 | £806 | 10th Aug | -£1 | | npower | Online Price Fix August 2017 | £786 | Fixed Energy Online August 2017 | £807 | 28th July | £21 | | npower | Online Price Fix July 2017 | £788 | Online Price Fix August 2017 | £786 | 11th July | -£2 | | npower | n/a | n/a | Online Price Fix July 2017 | £788 | 4th July | | | Octopus | Octopus 12M Fixed | £777 | Octopus 12M Fixed | £790 | 15th July | £14 | | Octopus | Octopus 12M Fixed | £790 | Octopus 12M Fixed | £796 | 5th Aug | £6 | | Octopus | Octopus Fixed | £763 | Octopus 12M Fixed | £777 | 8th July | £13 | | OVO Energy | Better Energy (all Online) | £886 | Better Energy (all Online) | £917 | 23rd Aug | £32 | | OVO Energy | Better Energy (all Online) | £823 | Better Energy (all Online) | £886 | 10th June | £63 | | Places For People | Together - September 2017 - fixed 34 | £771 | Together - September 2017 - fixed 35 | £792 | 28th July | £21 | | Sainsbury's Energy | SE Fixed Price August 2017 | £875 | SE Fixed Price September 2017 | £813 | 31st Aug | -£62 | | Sainsbury's Energy | SE Fixed Price July 2017 | £844 | SE Price Freeze August 2017 | £875 | 29th July | £31 | | Sainsbury's Energy | SE Fixed Price June 2017 | £750 | SE Fixed Price July 2017 | £844 | 1st July | £94 | | ScottishPower | Online Fixed Price Energy September 2017 | £872 | Online Fixed Price Energy September 2017 v2 | £845 | | -£27 | | ScottishPower | Online Fixed Price Energy July 2017 | £843 | Online Fixed Price Energy September 2017 | £872 | 1st Aug | £29 | | ScottishPower | Online Fixed Price Energy June 2017 | £812 | Online Fixed Price Energy July 2017 | £843 | 27th June | £31 | | So Energy | So Emu | £766 | So Falcon | £779 | 11th July | £13 | | So Energy | So Elephant | £765 | So Emu | £766 | 30th June | £1 | | Utilita | Premium Energy | £1,167 | Premium Energy | £1,136 | 4th July | -£31 | | | | | | | Average price increase | £23 |

  1. Top 10 energy deals on the market as of 31st August, 2016 (source: Uswitch.com)

|

Rank

| Supplier | Plan name | Average bill size | Tariff type |

Cancellation fees

| | 1 | Avro Energy | Simple and Select | £770 | fixed | | | 2 | First Utility | First Fixed August 2017 v6 Online Only | £778 | fixed | £30.00 per fuel | | 3 | So Energy | So Falcon | £779 | fixed | £5.00 per fuel | | 4 | GB Energy | Fixed 12 Crystal | £780 | fixed | | | 5 | SSE | SSE 1 Year Fixed v8 | £782 | fixed | £30.00 per fuel | | 6 | Affect Energy | Fixed Saver August 2017 | £784 | fixed | £25.00 per fuel | | 7 | Places For People | Together - September 2017 - fixed 35 | £792 | fixed | £30.00 per fuel | | 8 | Octopus Energy | Octopus 12M Fixed | £796 | fixed | | | 9 | npower | Online Fix September 2017 | £801 | fixed | £20.00 per fuel | | 10 | Sainsbury's Energy | SE Fixed Price September 2017 | £813 | fixed | £20.00 per fuel |

The cost of the average fixed deal in the top ten on 1st August 2015 was £869 (£82 difference)

  1. Source: ICIS Power Index (http://www.icis.com/energy/power/icis-power-index/)

  2. All prices quoted are based on average dual fuel energy use, as defined by Ofgem, paying by Direct Debit.

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