Households on a range of fixed energy deals coming to an end this month risk price hikes of up to £414 – a staggering 54% a year – according to uSwitch.com, the price comparison and switching service.
Seven suppliers have 16 popular fixed deals expiring on 30 April, after which their customers will be rolled onto expensive standard variable tariffs. If they take no action, the customers facing the biggest hikes are those with npower (£414), First Utility (£397) and ScottishPower (£373).
The price hike will be a double whammy for consumers following recently announced price hikes from the big six. Six out of the seven suppliers with deals ending this month have announced price rises this year, the most recent being EDF Energy who announced their second price rise of 2017, adding a further £78 to its standard variable tariff from June.
The average increase these customers are facing is a whopping £361 per year – £93 higher following the recent energy price rises.
Ofgem’s rules allow customers to switch suppliers without paying exit fees from 42 days before their plan end date, so consumers are free to shop around without penalty.
A company spokesman said: “With many popular fixed deals ending this month it’s more important than ever to avoid being rolled onto sky-high tariffs. Not only do some consumers face a hefty price hike after their fixed deal ends, but they could also be stung by recent price rises to standard variable plans if they take no action.
“Customers on these deals can switch now without incurring any exit fees, avoid expensive standard tariffs and safeguard against further price hikes.”
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