Affected homes will see bills rise by 29.65% on average as they start 2017
- There are 35 fixed dual fuel tariffs ending in December (33 of which will see bills rise if customers don’t switch);
- The average rise for affected households is £250.92* (29.65%);
- However, the worst-hit customers face a £331.59** (41.56%) price hike;
- Suppliers with tariffs ending include: Co-operative Energy, Npower, Scottish Power, Sainsbury’s Energy, First:Utility and Extra Energy
UK households face huge energy hikes in the New Year, according to research by Gocompare.com Energy.
The comparison site found that a range of fixed dual fuel energy tariffs, including deals from energy giants Npower and Scottish Power, are due to expire at the end of December. Unless they take action now, customers who are currently on these tariffs will be automatically rolled onto a standard variable rate (SVR) which, in the majority of cases, are more expensive than the deal they are currently on.
The only way for customers on these affected tariffs to beat these price hikes is to shop around for a better deal, either with their existing provider or a new one.
While people are busy with New Year celebrations, 33 tariffs will end resulting in customers being moved onto a more expensive variable rate. On average, households will see their bills jump up by an average of £250.92*, as their supplier gives them a swift kick in the baubles.
Customers on the Extra Energy Fresh Fixed Price Dec 2016 v8 will see the biggest annual rise when they are rolled onto the supplier’s Variable Price v1 tariff (its standard variable rate). On average, households on the tariff can expect to see a staggering £331.59 annual price rise**.
While the vast majority of tariffs ending will see dramatic price rises, not all tariffs expiring will mean higher bills. In some cases, customers may see their bills stay the same or even fall slightly. However, this just means that they are already paying more than they need to be for their energy and could save as much as £305*** by shopping around for a new supplier.
Ben Wilson, spokesperson at Gocompare.com Energy, commented: “The Christmas period is an incredibly busy time of year so it’s understandable that the last thing on people’s minds is their energy bills. Unfortunately, winter is typically when we use the most energy so taking your eye off the ball for a few weeks can really put a serious dent in your finances.”
Ben added: “Winter is also the time of the year when many of us spend the most money, with lots of us splashing out on food and presents – leaving many suffering from a financial hangover in January.
“That’s why it’s so important to ensure you’re on the best possible energy deal this winter. Your energy supplier will hope that you’ll do nothing so that in most cases they can move you to a more expensive tariff and earn more money from you. It’s the switchers who save and the stayers who pay most. Don’t let your energy supplier take you for a ride.
“Comparing tariffs and switching to a new deal only takes a few minutes, and people can typically save up to £305** by doing so. Whether your fixed deal is coming to end, or you’ve been with your provider for as long as you can remember – there are savings out there for the taking, so if your current energy supplier isn’t offering the best deal for you, perhaps it’s time to give them the sack!”
For more information on your energy bill or how to switch your energy see our dedicated guide page.
Top 10 cheapest fixed dual fuel energy tariffs
£5 per fuel
Simple and chill
Places for People Energy
Together - December 2017 - fixed 40 Paperless
£30 per fuel
Direct Saver 2017 (v2)
£25 per fuel
Green Star Energy
Rate Saver 12 Month Fixed 1612 Paperless
£30 per fuel
Octopus 12M Fixed
Green Network Energy
The Italian Touch GNE Fix
£25 per fuel
Co-op Fix For Longer February 2018
£30 per fuel
iFix 12-Month Jan18 v2
£30 per fuel
Robin Hood Energy
Robin Hood Energy Evergreen
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 19/12/2016. Excludes collective tariffs.
- ENDS -
Notes to editors:
*Average increase across all UK regions and across all dual fuel tariffs coming to an end on 31 December 2016 where the standard tariff is more expensive than the fixed deal is £250.92 (29.65%);
**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. Extra Energy customers on the supplier’s Extra Energy Fresh Fixed Price Dec 2016 v8, which expires on the 31 December 2016 will see a £331.59 (+41.56%) price rise when they are moved from their current deal with an annual cost of £793.68 to the supplier’s standard variable tariff which has an average annual cost of £1,129.51.
***At least 51% of customers who provided their energy usage and received a price for switching energy supplier for both gas and electricity with Gocompare.com saved £305 or more (1st July - 30th September 2016).