Some Fixed Rate Energy Plans Are Ending Soon
Published: 17 May 2010 By MoneyHighStreet Staff Leave a Comment
Three fixed rate energy plans from the “Big six” energy suppliers are coming to an end soon, so customers should find alternative deals.
Scottish Power’s Capped Price Energy July 2010, EDF’s Annual Fix v3 and British Gas’ Price Promise June 2010 are due to finish at the end of June, so customers using these plans should find alternatives in the next few weeks advises moneysupermarket.com.
At the end of a fixed rate plan, energy providers could switch their customers to their standard tariffs which could mean a potential increase of £196 a year for some consumers.
As switching energy plans could take up to six weeks to complete, those on the aforementioned fixed rate plans should take steps very soon if they want to benefit from other energy deals in the market before their fix ends. Our article about switching energy providers offers some advice about this.
“Swapping to the market leading online tariff could see consumers save an impressive £348 a year. My advice to customers who have fixed deals expiring soon is to look to swap at least six weeks before the termination date of the deal to avoid automatically being moved onto what could be a more expensive tariff from your supplier.”
“They should be scouring the market now for the next best alternative deal to avoid paying over the odds.”, recommends Scott Byrom, utilities manager at moneysupermarket.com.
“Timing is crucial when proactively looking for a new energy product, move off your fixed rate too early and you could face termination fees of up to £75. Move too late and you might find yourself automatically moved to the standard deal or locked into a less attractive fixed deal which isn’t competitive. Bill payers on tariffs that come to an end over the next month need to be ‘making the move’ by June 3 2010.”, Byrom adds.