Press release:

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[1]
  • 8 suppliers, including EDF, The Co-operative Energy, OVO Energy, Flow and Octopus have increased deal prices more than once over the summer[1]
  • Co-op Energy hikes prices the most, with a total increase of £219[1]
  • Soaring wholesale prices and market uncertainty following the EU referendum are fuelling the increases[3]
  • But good deals are still available, with the average price of the top 10 fixed deals £82 cheaper than it was a year ago[2]
  • 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[1].

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[1].

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[3]. 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[1], 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[2]. 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 uSwitch here.

— ends —

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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