Cheap energy: Get it while it's hot

Cheap energy: Get it while it's hot

21 July 2010 / by Rachael Stiles

The cheapest energy tariffs are being withdrawn from the market, so consumers should act now to secure the best deals before they are all gone, warns moneysupermarket.com.

As wholesale energy prices rise to their highest this year, gas and electricity providers are withdrawing their most competitive energy deals, with three of the top six providers taking their cheapest deals off the market and replaying them with tariffs that are an average 3.4 per cent more expensive.

But, even though energy bills are set to rise again for new customers looking to switch energy providers, consumers can still save an average £259 a year by choosing a dual fuel tariff before the best deals disappear, moneysupermarket.com is urging.

The cheapest deals currently still on the market is E.ON's Save Online v2, and First Utility iSave v3, the comparison website's analysis of the energy market shows.

Scott Byrom, utilities manager at moneysupermarket.com, commented: "While energy prices for existing customers haven't started to rise yet, the withdrawal of these deals for new customers is a sure sign that pressure is building for energy price rises."

Moneysupermarket.com expects to see more deals for new customers being removed from the market, and, for energy bills for existing customers to not be far behind, so they should also make sure they are getting the cheapest deal before the nights start drawing in.  

"Switching to a new dual fuel deal today will not only save quarterly cash or cheque customers around 22 per cent of their annual energy spend, but they will be ready to benefit as Autumn kicks in," Mr Byrom added.

© Fair Investment Company Ltd