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Households could see energy bills leap by up to £183 at the end of the month – but they could save almost £300 by switching

17 August 2016

Nine dual fuel energy tariffs expire on Wednesday 31st of August

  • Nine energy tariffs due to expire, eight of which will see customers’ bills rise
  • Affected households can expect an £135.17 (14.5%) price jump, on average
  • Scottish Power customers on the Online Fixed Price Energy August 2016 will see the largest average UK rise of £183.10, a rise of a fifth (20.4%)

With the end of the summer holidays and back to school season approaching, many families across the UK are already feeling the pinch. However, some families are in for another financial blow at the end of the month when a slew of fixed deals come to an end. Those on affected tariffs can expect to see average prices rises of £135.17 (14.5%) a year.

Gocompare.com Energy found that of the nine tariffs due to expire on 31st August, eight will result in an increase to customers’ bills. This is because households on expiring deals will be automatically rolled onto their supplier’s standard variable tariff, which is more expensive than their current deal.

Customers on the Scottish Power Online Fixed Price Energy August 2016 tariff will see the largest average UK rise, with bills increasing by a fifth when they are moved onto Scottish Power’s standard variable tariff. Families that fail to shop around will see their bills increase by £183.10 (20.4%) – from £897.47 per year to £1,080.57.

Impact of tariffs ending on 31st August 2016 (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 %)

British Gas

Fixed Price August 2016

31/08/16

Yes

£1,122.46

£1,044.11

-£78.35

(-6.98%)

Co-operative Energy

Fixed August 2016

31/08/16

Yes

£949.17

£1,089.00

£139.84 (14.73%)

Co-operative Energy

Fixed August 2016 Paper Billing

31/08/16

Yes

£949.17

£1,089.00

£139.84 (14.73%)

First:Utility

iSave Fixed August 2016

31/08/16

Yes

£876.63

£1,046.70

£170.07 (19.40%)

iSupplyEnergy

iFix August 2016

31/08/16

No

£421.86

£496.79

£74.93 (17.76%)

iSupplyEnergy

iFix Direct August 2016

31/08/16

No

£405.88

£496.79

£90.91 (22.40%)

Npower

Online Price Fix August 2016

31/08/16

Yes

£991.66

£1,077.25

£85.59 (8.63%)

Sainsbury's Energy

Price Promise August 2016

31/08/16

Yes

£927.83

£1,044.11

£116.28 (12.53%)

Sainsbury's Energy

Price Freeze August 2016

31/08/16

Yes

£978.20

£1,044.11

£65.91 (6.74%)

Sainsbury's Energy

Fixed Price August 2016

31/08/16

Yes

£863.33

£1,044.11

£180.78 (20.94%)

Scottish Power

Online Fixed Price Energy August 2016

31/08/16

Yes

£897.47

£1,080.57

£183.10 (20.40%)



Not all expiring tariffs will result in a price rise for customers. Households on the British Gas Fixed Price August 2016 tariff will actually see their annual energy bill drop by £78.35 (6.98%). This is because the standard tariff they will be rolled onto is cheaper than the deal they are currently on. While a £78.35 price drop might sound appealing to some, people could save more than three times that by shopping around and switching energy provider with Gocompare.com.

Ben Wilson, energy spokesperson at Gocompare.com, said: “While it’s easy to take our eye off the thermostat in the summer months, for those on expiring tariffs, it’s really taking your eye off the ball as well.

“With autumn approaching households should be looking ahead to ensure they’re not stung by a price rise as their usage begins to creep up. Back to school is an expensive time for any family, especially following the summer holidays where household finances are often stretched.

“Shopping around for a better energy deal only takes a few minutes and customers could save up to £292*. There’s a host of really competitive fixed energy deals available right now, but with prices starting to creep up across the board, it’s unlikely many of them will be here for long, meaning customers should act fast to lock in savings.”

Top ten cheapest dual fuel tariffs

Supplier

Tariff

Tariff Type

Annual cost

Early exit fees

Avro Energy

Simple and Select

Fixed

£770

None

So Energy

So Falcon

Fixed

£779

£5 per fuel

GB Energy Supply

Fixed 12 Crystal

Fixed

£780

None

SSE

SSE 1 Year Fixed v8

Fixed

£782

£30 per fuel

Affect Energy

Fixed Saver August 2017

Fixed

£784

£25 per fuel

Places for People Energy

Together - September 2017 - fixed 35

Fixed

£792

£30 per fuel

Flow Energy

Connect 8

Fixed

£792

£30 per fuel

Octopus Energy

Octopus 12M Fixed

Fixed

£796

None

Octopus Energy

Flexible Octopus

Variable

£806

None

npower

Online Price Fix September 2017

Fixed

£806

£20 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 12,500kWh gas and 3,100kWh electricity (medium user). Correct as of 15/08/2016. Excludes collective tariffs.

Gocompare.com has created a guide on switching energy supplier.

- ENDS -

Notes to editors:

*Average increase across all UK regions and across all tariffs coming to an end on 31 August 2016 where the standard tariff is more expensive than the fixed deal is £183 (20.4%)

** Based on a medium user – 3,100 kWh of electricity and 12,500 kWh of gas per year – paying by monthly direct debit, average across all UK regions. Scottish Power customers on the Online Fixed Price Energy August 2016 could see average price rises of £183.10 (20.4%) when they are moved from their current tariff, which has an annual average cost of £897.47 to the Scottish Power standard variable tariff, which has an average annual cost of £1,080.57

***At least 51% of customers who received a price for switching energy supplier for both gas and electricity with Gocompare.com saved £292 or more from 01st January – 31st March 2016