Switch now to avoid £114 energy price hike
Half a million households will be hit with a £114 rise in energy bills if they do not switch provider over the next three months.
So, what are you waiting for?
New research by price comparison website comparethemarket.com shows that there are 213 fixed energy tariffs ending this year.
A total of 94 fixed term tariffs will end between now and 31 December 2019, according to new data from MoneySuperMarket.
Winter price hikes?
Ofgem's new price cap level recently came into force, setting the maximum price suppliers can charge for each unit of energy.
The cap is now set at £1,179 for the average customer on a standard or default tariff - hundreds of pounds more than the best deals on the market.
A total of 32 fixed tariffs are due to expire at the end of October, followed by 28 in November and a further 34 in December, impacting millions who may automatically roll onto a default standard variable tariff.
Big Six suppliers British Gas and EDF Energy are among those with tariffs ending by the end of December, alongside emerging suppliers including Co-operative Energy, Shell Energy and PFP Energy.
Standard variable tariffs tend to be the most expensive as prices can fluctuate in line with the market, whereas fixed rate tariffs are set for a period of time.
Many of the deals set to end by 31 December include exit fees, but customers are often unaware that they are allowed to switch suppliers within six weeks of the tariff end date without being charged a penalty.
Stephen Murray, energy expert at MoneySuperMarket, said, "Make sure you don't fall into the trap of being placed onto an expensive standard variable or default tariff.
"If you're on a fixed rate tariff that's coming to an end, you should act now to lock in another fixed rate deal, so you can avoid being stung by price rises over the colder months.
"Whilst Ofgem may have introduced a lower price cap level last week, the fact remains that standard variable and default tariffs are often hundreds of pounds more expensive than fixed rate deals.
"Switching from your standard tariff - whether it's to a new provider or onto a different tariff with your current supplier - is easy.
"It takes five minutes online and could save you £238 in the process. What's more, you don't need to wait until the tariff expires - you can do it now."
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