You are here: Home - Household Bills - News -

Thousands face energy bill hike as fixed rate tariffs end

0
Written by:
13/03/2014
Some 300,000 homeowners could see their energy bills rise by an average of £186 a year when a raft of fixed rate tariffs come to an end this month.

Nine tariffs from British Gas, E.on, EDF, npower and Scottish Power are due to expire late March or early April.

According to energyhelpline.com, it is unprecedented for so many fixed and discount rate tariffs to come to an end at the same time.

Mark Todd, director of energyhelpline.com, said: “Consumers need to take action now if they want to avoid these hefty price increases. The last six weeks of a fixed rate tariff is the best time for a customer to switch as they have a switching window set up to make things easier.

“If they switch during this window they cannot be charged cancellation penalties and the supplier they are leaving has to hold their old price until the switch goes through.”

Customers on certain British Gas fixed tariffs can expect average increases of £72 to £84 when their tariffs roll over to standard offers on 1 April, while EDF customers on the Price Protector March 2014 tariff will see an average increase of £183. Looking into the cheapest tariff – and switching before current tariffs expire – could save customers upwards of £150.

According to Todd the best tariffs are rarely offered proactively to customers as they offer very little profit margin to energy companies. He said going online or calling a switching service could give households access to little-advertised deals.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week