So far in 2018 energy customers have seen price hikes from the Bix Six energy providers, and from a number of smaller companies.
Firms are blaming rising wholesale energy costs and increased government levies for the increases.
To help our customers fight the rising cost of energy, we’ve teamed up with Big Six firm SSE to offer a 12-month fixed-rate tariff that will cost a typical household £953 for the year.
It’s available from Monday 18 June and is available to MoneySuperMarket Group customers on our database as of 11.00am on Monday 18 June, 2018. The tariff will appear in our results tables alongside other competitive deals.
The average cost of a standard variable rate tariff from the Big Six suppliers is £1,1691, so our fixed-rate SSE deal comes in at over £210 cheaper. (Please note: MSM Group did not approach all suppliers for this collective switch.)
Boiler cover offer
We’ve also partnered with British Gas to offer MoneySuperMarket customers free Boiler and Controls Breakdown Cover for 12 months. There's no upfront cost or monthly fee - all you'll have to pay is a £99 excess per any repair you require.*
What is included in your cover:
- Repairs to your gas boiler and controls, including your thermostat and programmer
- Includes parts and labour**
- Unlimited call-outs from expert engineers
- Call British Gas 24/7, any day of the year
Please note, an annual boiler service and repairs to your central heating system and radiators are not included.
*Offer of Boiler and Controls Breakdown Cover for free is only available to customers who click the link in this article (above) and it is not available to current British Gas HomeCare customers. **Limits apply, please see full terms & conditions.
Here’s a run-down of the Big Six’s energy price hikes for 2018:
British Gas announced a 5.5% price in gas and electricity prices in April, which will hit around 4.1 million customers on its standard variable tariff. This is equivalent to £60 extra a year, and is effective May 29th.
On 5 July EDF announced a 6% hike in the cost of its dual fuel (gas and electricity) variable rate tariff, bumping up the price by £70 a year.
Earlier this year, it increased electricity costs by 2.7%, which means dual fuel customers hit by a 1.4% rise from 7 June.
Altogether, this means that the 1.3 million affected customers (41% of their overall customers) will be paying the equivalent of £86 extra a year, with an additional £12 on top for people paying by cash or cheque.
Eon has removed its dual fuel and standing order discounts on some tariffs, effective from 1 April. This means the average customer on a standard variable tariff will be paying an extra £22 a year, with one in four paying an extra £50.
On 19 June Eon also announced a rise in the price of its standard variable tariff, meaning from 16 August duel fuel customers will be paying an extra £55 (a 4.8% increase). Electricity prices are increasing by 6.2%, with gas rising by 3.3%.
Npower is increasing its gas prices by 4.4% and electricity prices by 6.2%, meaning an average rise of 5.3% for 40% of its customers. They’ll be paying the equivalent of £64 a year extra from 17 June, with typical dual fuel customers’ annual bill rising to £1,230.
Scottish Power is applying a 5.5% price hike for both gas and electricity, meaning an extra £63 a year in energy costs for 960,000 customers. These changes will see the typical dual fuel bill for customers paying by direct debit rise to £1,211, effective from 1 June.
SSE is raising its dual fuel prices by 6.7% as well as removing a £6 per fuel discount for online billing. This means that from 11 July, around 2.36 customers will be paying an extra £76 a year.
Following a 2.8% rise in February, Bulb has again hiked the price of its only energy tariff, Vari-fair, by a further 5.1%. This brings the annual energy costs for the average household up to £923.
The additional £44 a year price increase will come into effect for existing customers on 12 August, while new customers will start on the new rate immediately.
Switch and fix
You may be overpaying on your energy bills if you’re on a standard variable tariff, particularly if there are ongoing rises in prices.
Switching to a fixed rate deal could help you if you’re in this position as they are often cheaper than variable tariffs, and a fixed rate means you can be sure of how much you’ll be paying for each unit of energy you use for up to three years.
If you’re already on a fixed tariff, keep an eye on the end date as you may slip on to your supplier’s standard variable rate if you don’t find another fixed rate deal. You won’t need to pay exit penalties if you’re within 42-49 days of your contract’s end-date.
Using MoneySuperMarket’s free energy price comparison lets you see the cheapest prices available for the energy services you need, so you can get a quote and find the right deal for you.
1Based on dual fuel, monthly direct debit and Ofgem average usage of 12500kwh Gas and 3100kwh Electricity averaged across all regions.