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New Extra Energy tariffs may be a fitting end to the 'year of the challenger energy suppliers'

30 December 2014

Households in some regions could pay less than £900 a year for their gas and electricity with these new tariffs.

Challenger energy supplier Extra Energy has made a bid to take the New Year number one spot for the cheapest dual fuel energy tariff by launching two best buy table topping deals. Leaving aside cashback offers or reward points, these two tariffs are cheaper than any other dual fuel deal launched in 2014, including those offered recently by collective switching services The Big Deal and Cheap Energy Club.

The tariffs, launched today, are the Fresh Fixed Price Jan 2016 v5 and Clear Fixed Price March 2016 v1 which have replaced their Fresh Fixed Price March 2016 v2 and Merry Christmas Fixed Price Jan 2016 v3 tariffs.

The Fresh Fixed Price Jan 2016 v5 tariff will cost the average medium energy use household £936.79 a year, slightly undercutting the Clear Fixed Price March 2016 v1 which will cost £937.36 a year. Both deals beat the Co-op Energy Fair and Square March 2016 tariff launched yesterday.

Average medium use dual fuel households in the Eastern and Midlands distribution regions would pay less than £900 a year.

However, customers who are eligible for the £140 a year 'Warm Home Discount' will not be able to receive it via this tariff as Extra Energy do not currently offer the scheme.

Under the Fresh Fixed Price Jan 2016 v5 tariff customers' prices are fixed until 31st January 2016 and there is a £25 per fuel cancellation penalty if they leave this tariff before the contract end date. Under the Clear Fixed Price March 2016 v1 offer, prices are fixed until 31st March 2016 and there is a £25 per fuel cancellation penalty if customers leave this tariff before the contract end date.

Both are online-only tariffs, which means that customers must be prepared to manage their account online. This involves receiving and viewing bills online, providing meter readings online and carrying out general correspondence online. 

Below are the average prices by distribution region for current medium usage figures i.e. gas 13,500 kWh per annum and electricity 3,200 kWh per annum, dual fuel, and payment method is monthly direct debit.

Region

Fresh Fixed Price Jan 2016 v5

Clear Fixed Price March 2016 v1

Eastern

£899.00

£899.00

East Midlands

£904.00

£905.00

London

£926.00

£926.00

Manweb

£975.00

£975.00

Midlands

£898.00

£899.00

Northern

£933.00

£933.00

Norweb

£933.00

£933.00

Scottish Hydro

£978.00

£979.00

ScottishPower

£937.00

£938.00

Seeboard

£946.00

£947.00

Southern

£920.00

£921.00

Swalec

£965.00

£966.00

Sweb

£992.00

£993.00

Yorkshire

£909.00

£909.00

AVERAGE

£936.79

£937.36



Caroline Lloyd, spokesperson at Gocompare.com Energy, said: "2014 has been the year of the challenger energy suppliers. Throughout this year smaller players have taken on the 'Big Six' energy companies and consistently brought out more competitive deals than the energy giants were able to. It seems appropriate then for one of them, in this case Extra Energy, to be leading the field as we head into 2015, with the cheapest tariff of the year. Although with one day to go it's possible another supplier could yet step up to steal their thunder.

"Energy prices in the UK have fallen consistently throughout this year and householders need to make sure they aren't missing out on savings by being stuck with an expensive and out-dated tariff. There are lots of good fixed deals to be had right now and savvy switchers should be able to cut their energy costs this winter.  However, it's so important to shop around carefully, and check that you're happy with everything - the cost, any exit fees, the account management options, and payment type - before you sign up. Comparison websites make this task easy, saving you lots of time in the hunt for a good energy deal."

For more information on switching energy supplier, read Gocompare.com's guides, here: http://www.gocompare.com/gas-and-electricity/guide/

Top ten cheapest dual fuel tariffs including short fixes

Supplier

Tariff

Annual cost

Early exit fees

Extra Energy

Fresh Fixed Price January 2016 v5

£937

£25 per fuel 

Extra Energy

Clear Fixed Price March 2016 v1

£937

£25 per fuel 

Cooperative Energy

Fair & Square March 2016

£938

£30 per fuel

First Utility

iSave Fixed v41 March 2016

£951

£30 per fuel 

Extra Energy

Bright Fixed Price March 2016 v1

£961

£25 per fuel

Npower

Fixed Energy Online April 2016

£963

None

ScottishPower

Online Fixed Price Energy January 2016

£970

None

Ovo Energy

Better Energy Fixed (Online)

£973

£30 per fuel

Green Star Energy

Rate Saver 12 Month Fixed 1412 Paperless

£987

£30 per fuel

Sainsbury's Energy

Fixed Price January 2016

£998

£30 per fuel



Based on dual fuel, payment by monthly direct debit, averaged across all UK regions and for households with an annual energy usage of 13,500kWh gas and 3,200kWh electricity (medium user). Correct as of 30/12/2014.

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