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Energy prices set to rise by £132 this summer as fixed deals expire

25 May 2016

16 fixed tariffs end on 31 May, resulting in an average annual rise of 14.28%* for those who fail to switch

  • 12 of the expiring tariffs will result in higher bills if customers are rolled onto their suppliers’ variable tariffs.
  • Co-operative Energy, EDF Energy, First:Utility, M&S Energy, Npower, Sainsbury’s Energy and Scottish Power all have tariffs coming to an end.
  • Npower customers on the Price Fix May 2016 tariff will see the largest average UK rise of £193.26 (21.86%) **
  • First:Ultility customers in the Norweb region and on the expiring iSave Fixed May 2016 v3 will see the largest regional rise of a staggering £380.13 (45.19%) ***

Energy prices are set to rise with the temperature as 16 fixed dual fuel tariffs come to an end next week, which will see affected household’s annual energy bills rise by £132.43 a year, on average.

Of the 16 tariffs coming to an end, 12 will result in customer’s being automatically rolled onto a standard variable tariff that is more expensive than the fixed deal they currently have, unless they shop around for a new tariff. While customers on these expiring tariffs can expect an average annual rise of £132.43, in some regions this can be considerably higher. For instance, First:Ultility customers in the Norweb region and on the expiring iSave Fixed May 2016 v2 will see the largest regional rise, facing a massive £380.13 (45.19%) increase.

There are some instances where the fixed deal a customer is currently on is more expensive than their supplier’s standard variable tariff. This means that when their fixed deal expires, customers could actually see a reduction in their annual energy bill. However, on average customers on these tariffs will only see a 3.9%(£44.56)  reduction to their energy bills, which is a small amount when compared to the £207**** they could save by switching provider with Gocompare.com.

Ben Wilson, energy spokesperson at Gocompare.com, said: “It’s easy to forget about energy tariffs when our usage drops in the summer. However when it comes to your gas and electricity bills, taking your eye off the ball could cost you hundreds of pounds.

“In some cases, customers will see price rises of up to £380 if they don’t shop around when they’re moved on to a variable tariff; that’s the cost of a summer holiday.

“Finding a new provider online is easy to do and only takes a few minutes. At the moment, the energy market is extremely competitive and switching households could land themselves a tariff that costs less than £800 a year. So, whether you’re on an expiring tariff or can’t remember the last time you switched it’s definitely worth getting online and seeing if you could save this summer.”

Impact of tariffs coming to an end on Tuesday 31st May (based on a medium user – 3,100 kWh of electricity and 12,500 kWh of gas per year – paying by monthly direct debit and averaged across all UK regions):

Supplier

Tariff coming to an end

End

Date

Dual fuel?

Annual

cost

Annual cost of standard tariff

Difference

(£ and %)

Co-operative Energy

Fixed to May 2016

31/05/2016

Yes

£1,125.08

£1,089

-£36.08 (-3.21%)

Co-operative Energy

Fixed to May 2016 Paper Billing

31/05/2016

Yes

£1,125.08

£1,089

-£36.08 (-3.21%)

Co-operative Energy

Fair & Square May 2016

31/05/2016

Yes

£900.69

£1,089

£118.31 (20.91%)

EDF Energy

Blue+Price Promise May 2016

31/05/2016

Yes

£953.33

£1,069.31

£115.97 (12.17%)

First:Utility

Power Play Fixed May 2016

31/05/2016

Yes

£1,042.57

£1,046.70

£4.13 (0.40%)

First:Utility

iSave Fixed May 2016

31/05/2016

Yes

£891.53

£1,046.70

£155.18 (17.41%)

First:Utility

iSave Fixed May 2016v2

31/05/2016

Yes

£882.41

£1,046.70

£164.29 (18.62%)

First:Utility

iSave Fixed May 2016 v3

31/05/2016

Yes

£858.44

£1,046.70

£188.26 (21.93%)

iSupply Energy

iFix May 2016

31/05/2016

No

£422.75

£496.79

£74.03 (17.51%)

iSupply Energy

iFix Direct May 2016

31/05/2016

No

£408.15

£496.79

£88.63 (21.72%)

M&S Energy

Fix & More May 16 Paperless Billing

31/05/2016

Yes

£1,114.72

£1,067.69

-£47.03 (-4.22%)

M&S Energy

Fix & More May 16 Paper Billing

31/05/2016

Yes

£1,126.76

£1,067.69

-£59.06 (-5.24%)

Npower

Online Price Fix May 2016

31/05/2016

Yes

£1,007.10

£1,077.25

£70.15 (6.97%)

Npower

Price Fix May 2016

31/05/2016

Yes

£883.99

£1,077.25

£193.26 (21.86%)

Sainsbury's Energy

Price Promise May 2016

31/05/2016

Yes

£940.62

£1,044.11

£103.49 (9.91%)

Sainsbury's Energy

Price Freeze May 2016

31/05/2016

Yes

£954.59

£1,044.11

£89.52 (8.57%)

Sainsbury's Energy

Fixed Price May 2016

31/05/2016

Yes

£910.97

£1,044.11

£133.14 (12.75%)

Scottish Power

Online Fixed Price Energy May 2016

31/05/2016

Yes

£897.10

£1,080.57

£183.47 (20.45%



Top ten cheapest dual fuel tariffs

Supplier

Tariff

Tariff Type

Annual cost

Early exit fees

GB Energy Supply

Fixed 12 Topaz

Fixed

£735

None

Avro Energy

Simple and Connect

Fixed

£744

None

Sainsbury's Energy

Fixed Price June 2017

Fixed

£750

£30 per fuel

So Energy

So Duck

Fixed

£750

£5 per fuel

GnERGY

Fixed June 2017

Fixed

£751

£25 per fuel

iSupplyEnergy

iFix June 2017

Fixed

£752

£30 per fuel

Flow Energy

Connect 7

Fixed

£752

£30 per fuel

Flow Energy

Connect 6

Fixed

£752

£30 per fuel

Octopus Energy

Octopus Fixed

Fixed

£763

None

Octopus Energy

Octopus Variable

Variable

£763

None



Based on dual fuel, payment by monthly direct debit, averaged across all UK regions and for households with an annual energy usage of 12,500kWh gas and 3,100kWh electricity (medium user). Correct as of 24/05/2016. Excludes collective tariffs.

- ENDS -

Notes to editors:

*Average increase across all UK regions and across all tariffs coming to an end on 31 May 2016 where the standard tariff is more expensive than the fixed deal is £132.41 (rounded in copy) 14.28%

**Based on a medium user – 3,100 kWh of electricity and 12,500 kWh of gas per year – paying by monthly direct debit. Customers on the         Npower Price Fix May 2016 tariff which has an average annual cost of £883.99 will see the largest average UK rise of £193.26 (21.86%) when they are rolled on to Npower £1,077.25 standard variable tariff.

***Based on a medium user – 3,100 kWh of electricity and 12,500 kWh of gas per year – paying by monthly direct debit. Customers living in the Norweb distribution area and on the First:Utility iSave Fixed May 2016 v3 tariff which has an average annual cost of £841.14 in the region, will see the largest regional rise of £380.13 (45.19%) when they are rolled on to First:Utility standard variable tariff which has a cost of £1,221.26 in the region.

****Based on 51% dual energy customers who received a price for switching with Gocompare.com, 01 October - 31 December 2015