Energy suppliers interrogated over price rises

by Marghaid Howie on 30 June 2011  |  5 comments
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Three major energy suppliers appeared in parliament this week in Ofgem’s review of price rises, doorstep selling and making tariffs clearer.

Speculation over gas and electricity prices has been widely publicised since ScottishPower’s price rise announcement, and three of the biggest UK suppliers have appeared before the Energy & Climate Change committee to justify their practices.

More price rises seem inevitable, with Centrica yet again hinting at significant increases in the coming weeks.

The cheapest tariffs are drying up as quick as our gas supplies: more and more online plans are being withdrawn from sale, and the scarce new cheap tariffs lasting little more than a few weeks in most cases.

Consumer rights groups and comparison sites, and even the government, have been urging people to get on a fixed tariff to protect themselves from price rises. The urgency comes from the fact that these fixed tariffs are based on a bulk wholesale supply that the energy companies allocate. This means that there is limited availability and once it is close to running out, the suppliers will pull them fast. ScottishPower has just withdrawn its cheapest capped tariff, and more will surely follow.

Here are the top 5 fixed tariffs available now:-

*Based on typical tariff costing £1,150 p.a. Based on Dual Fuel, payment by monthly Direct Debit, average usage as set by Ofgem. Prices correct as of 29th June 2011.

Compare energy tariffs at lovemoney.com