- Six suppliers have increased the cost of their Standard Variable Tariff in the last four months
- Dual fuel customers who are affected will see their annual bills go up by an average of £55 or 5%
- With a further cold snap on the way, uSwitch urges energy customers to protect themselves against further price rises by switching to a cheaper deal – potentially saving up to £491.
Energy expert at uSwitch.com, Claire Osborne, says: “Over the last four months, six energy companies have announced that bills for customers on Standard Variable Tariffs will be going up, and it’s possible that other suppliers may follow suit.
“Wholesale and Government policy costs have seen small increases but consumers will still wonder whether suppliers are doing everything they can to keep prices down. 60% of households are on poor-value standard variable tariffs, but they don’t have to accept price rises. By switching away from an expensive SVT to a cheaper deal, they can save up to £491 and protect themselves against future increases.
“Consumers should not be lulled into a false sense of security waiting for a price cap to protect them. They can vote with their feet and save hundreds of pounds right now – far more and far quicker than any price cap is able to deliver.”
Table 1: Recent increases to Standard Variable Tariffs
||SVT Tariff Name
||Previous SVT price
||New SVT price
||Good Energy & Gas
||Safe And Easy
||E.ON Energy Plan*
Source: uSwitch data, correct as of 15 March 2018
*E.ON – removal of dual fuel and paperless discounts
Find out how you could save over £1,000 a year with uSwitch here.
— ends —
Notes to editors
- See Table 1 in main press release
- Average bill increase = £82 + £60 + £24 + £76 + £58 + £30 = £330 / 6 = £55. Average bill before price increase = £1040, average bill after price increase = £1094.85 = 5.28% increase
- According to the Beond Weekly UK Insight update on wholesale prices,from 2/3/18 to 9/3/18 wholesale gas prices increased by 3.7% and 5.7% for April 2018 and Winter 2018-19 respectively
- According to Ofgem’s February 2018 Retail Energy Market Indicators, the dual fuel Supplier Cost Index increased by 1.9% between February 2017 and February 2018, driven primarily by increases in the government obligations related to supplying electricity.
- Between 1 April 2017 and 30 September 2017, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £491 or more.
Launched in September 2000, uSwitch is an online and telephone price comparison and switching service, helping consumers get a better deal on gas, electricity, broadband, TV services, mobiles and personal finance products including mortgages, credit cards, car and home insurance. Last year we saved UK consumers over £278 million on their energy bills alone.
Customers can sign up to an account that automatically monitors the energy market and notifies them when they can move to a cheaper tariff, while broadband customers can conduct a speed test to find out how fast their broadband is and identify the best deal for their postcode.
The multi award-winning 'Switching Made Simple' app allows customers to compare energy, broadband, credit card and SIM-only deals – and uSwitch also has a UK contact centre manned by energy and broadband experts. Customers can post their latest energy bills to FREEPOST USWITCH to receive a free call back and be guided through the comparison process, or they can email firstname.lastname@example.org with their postcode and usage details.
uSwitch is owned by ZPG Plc (LSE:ZPG), which operates some of the UK’s most trusted digital brands that help empower smarter property and household decisions including Zoopla, Money, PrimeLocation and SmartNewHomes. uSwitch is the proud sponsor of Britain’s Got Talent 2018.
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