HOUSEHOLDS FACE AVERAGE ENERGY BILL HIKE OF £290 AS 84 FIXED-TARIFFS END OVER SUMMER

  • comparethemarket.com estimates that nearly 300,000 energy customers will be affected in the third quarter of 2017 alone as they roll onto SVTs
  • Those customers face an average bill increase of £290 – a £83m “inertia windfall” for energy companies in this quarter
  • Consumers set to lose nearly £37m in September alone as 43 fixed-price tariffs come to an end
  • South East facing the biggest bill increase of over £11m

18th August 2017 – Consumers are set to pay, on average, an estimated £290 more for their energy over the next year if they roll over on to a standard variable tariff (SVT), as 84 fixed price tariffs come to an end in Q3 2017, equating to a £83m “inertia windfall” for energy companies.

comparethemarket.com’s data shows that there are 43 fixed tariffs ending in September alone creating an average annual increase of £182 per household, if they roll on to a standard variable tariff. This increase is estimated to affect around 140,000 people nationwide.

Average household energy bills
Energy bill hikes

The breakdown by region shows that the South East is facing the biggest bill increase, as households in the region could stand to lose out on over £11m on higher energy bills by rolling onto a provider’s standard tariff. The Greater London area will also pay the price, as the capital could see a collective hike of £10m to their energy bills if those on tariffs ending in this quarter remain on the Standard Variable Rate.

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Peter Earl

Head of Energy

comparethemarket.com

“Even in the height of summer when households are thinking more about their holidays than their energy bills, tariffs are coming to an end. British Gas became the latest of the Big Six companies to hike their prices this year and with costs on the rise, it is now more important than ever to monitor your energy bills.  Energy companies could enjoy an inertia windfall of over £83 million this summer. For many families, an extra £290 on annual energy bills could mean the difference between going on a summer holiday or staying at home. The good news is that this can be avoided - by switching to a competitively priced fixed tariff, households can expect to save, on average, £221.”

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