Price rise and deal ending double whammy sees energy bills hike by over £400 this summer
Nearly 100 fixed energy deals are set to end during May and June, affecting over half a million homes
Customers face bill hikes of up to £401 – a whopping 44% – if they roll onto expensive standard variable tariffs
Those coming off fixed deals face a double price rise as five of the big six suppliers and nine smaller energy companies have also raised their rates this year
British Gas’ 5.5% price rise comes into effect on 29th May – but customers on its fixed plan ending in June could see bills go up by 26%
3 million customers have been affected by big six price increases this year
Uswitch.com urges households to check their bills for double price rises this summer – in just minutes they could switch to a better deal and save up to £491.
Households on popular fixed deals coming to an end this summer risk seeing their bills shoot up by a staggering £401 (44%) according to new data from Uswitch.com, the price comparison and switching site.
27 suppliers have 95 fixed deals expiring this May and June, after which their customers will be rolled onto expensive standard variable tariffs. The average hike for customers with fixed deals ending this month will be £166 per year. If they take no action, the customers facing the biggest hikes are those with Go Effortless Energy (£401), npower (£399) and Scottish Power (£365).
British Gas was the first big six supplier to announce a price rise this year and its 5.5% increase comes into effect for 4.1 million customers on the 29th May. But for those whose fixed deal ends at the same time, bills will shoot up by 26% (£241) in June.
8 of the 27 suppliers with deals ending this month have announced price rises so far in 2018. Before the price rises, customers with a big six supplier and a fixed deal ending would have faced bill hikes of an average of £181 (19%), but after price increases this has soared to £226 or 23%.
Ofgem’s rules allow customers to switch suppliers without paying exit fees from 42-49 days before their plan end date, so consumers are free to shop around without penalty.
Shona Eyre, energy expert at Uswitch.com, says: “After shock price rises earlier this year, some households are now facing a double whammy bill hike of nearly £400. It’s crucial that people take action when their fixed plan comes to an end or when their energy company puts prices up.
“A spate of price rises from the larger suppliers recently has put household purse strings up and down the country under even more pressure. At the same time, challenger suppliers are topping the customer service and best-buy tables. With over 12 million households on rip-off tariffs still paying over the odds for their gas and electricity, now is the time for customers to show suppliers they won’t be taken for granted.
“Over five million people voted with their feet last year, switched supplier and saved up to £491. It only takes ten minutes to save on your bills, as well as protect yourself from further price rises if you lock in a cheaper fixed deal.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
Notes to editors
Source Uswitch.com, for more information or additional data contact barr@Uswitch.com
See Table 3 in body of press release
https://www.uswitch.com/media-centre/2018/04/british-gas-announces-5-5-price-rise/
Between 1 April 2017 and 30 Sep 2017, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £491 or more.
Of all big six tariffs ending in May and June the average difference before price rises was £180.92, after price rise it was £225.89. The average % increase was 18.7% before price rises and 23.3% after price rises.
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