UK households face 'shock' energy letter from British Gas, EDF, OVO, E.ON and Octopus
418,000 households, are unknowingly heading towards a spring energy bill shock. Those who secured a 12-month fixed deal last year are being strongly advised to switch now to avoid being automatically transferred onto expensive standard tariffs when their plans end in May.
Uswitch.com, the comparison site, has raised the alarm, cautioning that failure to switch could cost households an additional £259 annually – a sum many simply can't spare during the current cost-of-living crisis.
This urgent call to action comes as 79 fixed tariffs from major suppliers including British Gas, EDF, OVO, E.ON and Octopus Energy are due to expire.
READ MORE: DWP to ask PIP claimants how they spend their benefit payments in new study
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Elise Melville, energy expert at Uswitch.com, comments: 'Households who signed up for a fixed energy tariff last spring should get a new deal as soon as possible, as they could save significant sums compared with a standard tariff.'
Ms Melville said: 'Those whose tariff started in April last year need to act now – as they can leave their current tariff up to 49 days before it ends without paying any exit fees.
'When wholesale energy prices rise, the cost of deals on the market usually increases at the same rate. But suppliers are currently fighting to win customers, and this means big savings on offer. It's unusual for such well-priced deals to be available, and we believe that households may have a relatively short window of opportunity to grab one before they disappear.'
She added: 'If you're on a standard tariff, now is the time to protect yourself from upcoming price rises. Run a comparison to see what deals are available to you.'
If customers don't take action, they will be moved to their supplier's standard variable tariff, which is usually priced at the highest rate allowed by the energy regulator's price cap and is one of the most expensive options available.
For the average household, this could result in an overnight bill increase of nearly £260, jumping from £1,590 to £1,849 per year, unless they manage to secure one of the more affordable fixed-rate plans still on offer.
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