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Energy bills to increase by £50 million as 90 fixed tariffs come to an end in April

  • Households will see energy bills increase by £50 million as 90 fixed energy deals come to an end in April [1]

  • Price hike will impact nearly half a million homes unless they take action [2]

  • The average increase is £103, but some could see price rises of up to £269 per year if they roll onto costly Standard Variable Tariffs (SVTs) [3]

  • Tumbling wholesale costs mean energy deals getting cheaper — the £404 gap between the price cap and the cheapest deal is widest since September 2019 [3]

  • Uswitch.com

Almost half a million households could see their energy bills rise by £50 million[1] as 90 fixed deals from 19 suppliers end this month[2], according to data from Uswitch.com, the comparison and switching service.

Some 486,559 households can avoid an average £103 price hike if they switch to a cheaper plan, but customers with deals ending at Ovo Energy, npower and British Gas could see increases of £269, £174 and £168 respectively.

Customers who don’t move to a cheaper deal will typically be rolled onto their supplier’s default, or ‘Standard Variable’ tariff. These tariffs are among the worst value energy plans on the market.

Households could save up to £404[3] by switching — the widest gap between the cheapest deal and the price cap for seven months[2] – according to Uswitch.com data. The biggest recent gap was between the end of July and the end of September 2019 when the gap was £434 — but this isn’t far off.

Energy customers can use the Uswitch online guide to find out if their deal is ending soon and compare the best deals to move to.

Will Owen, energy expert at Uswitch.com, said: “The gap between the price cap and the cheapest deal hasn’t been this wide for more than half a year and means there are huge potential savings for thousands of homes.

“The cheapest fixed tariffs are getting cheaper still, with tumbling wholesale costs and suppliers driving down prices to attract new customers.

“But there’s a warning too for the half a million energy customers whose fixed deals are due to end this month.

“Britons could face an average £103 price hike if they let themselves be rolled onto their supplier’s poor value Standard Variable Tariff instead of switching to another cheap plan.

“With household energy usage on the increase during lockdown, no one wants to pay more than they need to.

“Don’t let yourself slip unwittingly into a price hike. You can compare what energy deals are out there and see if there is a cheaper plan you can move to.

“If you’re unsure about when your deal might be coming to an end, discover our online guide to ending tariffs to point you in the right direction.”

Table 1 – Ten biggest rollover price increases

Source: Uswitch.com, correct as at 21/04/20. Prices assume a household with medium annual consumption on a dual-fuel tariff, paying by monthly direct debit.

Table 2 – Best buys for fixed tariffs

Source: Uswitch.com, correct as at 21/04/20. Prices assume a household with medium annual consumption on a dual-fuel tariff, paying by monthly direct debit.

Find out how you could save nearly £1,000 a year with Uswitch here.

FOR MORE INFORMATION

Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR

Notes to editors

1. Source: Uswitch.com data, correct as at 21/04/2020. Total bill increase (£50,165,070.76) calculated by multiplying the increase per tariff by the number of households affected. 2. Source: Uswitch.com data, correct as at 21/4/2020. Prices assume a household with medium annual consumption on a dual fuel tariff, paying by monthly direct debit. 3. Source: Uswitch.com data, correct as at 21/4/2020. Average increase per household is £103.10 (total tariff increase divided by 486,559 total households affected)

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