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All change! Top 10 energy deals fade away as energy prices start to rise

20 July 2016

Energy providers withdraw best deals and introduce new tariffs as wholesale prices rise.

  • The average top 10 best buy tariff is now £26 a year higher than at the start of June;
  • However, today’s top 10 deals are still £24 a year cheaper than at the start of 2016 on average

The cost of household energy is on the rise again in the UK, after a series of providers withdrew their best deals and introduced new, more expensive tariffs, in response to increasing wholesale energy prices and Brexit uncertainty.

The last three years have seen a period of generally falling wholesale energy prices, which led to a highly competitive price war in the domestic market, fuelled by dozens of new entrants keen to take on the so called ‘big six’.

Best buy 12 month duel fuel fixed tariffs tumbled below £1,000 a year and all the way down below £740 in 2016. But all that seems set to change as providers start announcing more expensive deals.

Ben Wilson, energy spokesperson at Gocompare.com, said: “Consumers have benefitted from a perfect storm in recent years with falling wholesale energy prices and a raft of new entrants coming into the market and looking to compete with the big boys.  The net result was a price war and households were able to save £hundreds by switching provider.  That element of competition isn’t going to go away, but we expect to see prices rise in the coming months.  If you haven’t switched provider recently, now could well be a good time to shoparound and secure a saving.

“While, the increase in tariffs is a marked turnaround from what we have seen in recent years, it is worth noting that the average top 10 tariff today is still £24 a year cheaper than at the start of the year.  As a result, some households will undoubtedly see this as a good time to switch and fix their energy costs.

“A typical household could save as much as £207* a year by switching their gas and electricity provider, proving that loyalty doesn’t pay when it comes to your energy supplier. Comparing energy tariffs online is quick and easy to do, making it well worth setting aside a few minutes to see how your provider stacks up against the rest of the market.”

For more information read Gocompare.com’s guides on switching energy supplier.

- ENDS -

Notes to editors:

*Based on Gocompare.com data. At least 51% of customers who received a price for switching energy supplier for both gas and electricity with Gocompare.com saved £207 from 01 October - 31 December 2015

Top ten cheapest dual fuel tariffs on 1st June 2016

Supplier

Tariff

Tariff Type

Annual cost

Early exit fees

Iresa

IRESA Flex1 12month Fixed Direct Debit

Fixed

£734

None

GB Energy Supply

Fixed 12 Topaz

Fixed

£735

None

Avro Energy

Simple and Surge

Fixed

£737

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



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 01/06/2016. Excludes collective tariffs.

Top ten cheapest dual fuel tariffs on 18th July 2016

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 18/07/2016. Excludes collective tariffs

Supplier

Tariff

Tariff Type

Annual cost

Early exit fees

Avro Energy

Simple and Fuel

Fixed

£758

None

GB Energy Supply

Premium Energy Saver

Variable

£765

None

Avro Energy

Simple and Save

Variable

£766

None

Co-operative Energy

Co-operative Energy - Fix for Longer September 2017

Fixed

£770

£30 per fuel

Places for People Energy

Together - September 2017 - fixed 34

Fixed

£771

£30 per fuel

iSupply

iFix 201708 v2

Fixed

£776

£30 per fuel

So Energy

So Falcon

Fixed

£779

£5 per fuel

GB Energy Supply

Fixed 12 Crystal

Fixed

£780

None

Affect Energy

Fixed Saver July 2017

Fixed

£785

£25 per fuel

npower

Online Price Fix August 2017

Fixed

£786

£20 per fuel