Market-leading energy deal pulled
This warning comes as First Utility pulls its market-leading iSave Fixed v3 plan off the market with immediate effect.
This plan, at £1,040 a year, was the cheapest on the market, offering consumers a competitive price with a fixed price guarantee until the end of 2013.
Tom Lyon, energy expert at uSwitch.com, says: “What First Utility’s move today means is that consumers who want to fix their energy prices cannot afford to hang around. The cost of fixed price plans is creeping upwards and exit penalties are creeping back in.
“The fact is that consumers acting today are able to get an exceptional deal – a low price today, coupled with a price guarantee and no exit penalties. But this type of offer is not going to be around for long.”
According to uSwitch.com, ScottishPower’s Online Fixed Price Energy January 2014 is the cheapest plan currently on the market. This deal is also fixed price, offering peace of mind until the end of December 2013.
Unlike the First Utility tariff, it doesn’t carry any exit penalties leaving consumers with the flexibility to switch again in the future should a better deal come onto the market.
However, at £1,052 a year, the ScottishPower plan is £12 a year more than the old First Utility tariff.
This is the second market-leading plan to be pulled in recent weeks. One of the most popular fixed price deals – EDF Energy Blue + Price Promise April 2014 – was removed at the end of August.