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Cheaper energy bills to be found by shopping around

Cheaper energy bills to be found by shopping around

05 February 2010 / by Rachael Stiles

Consumers could save more money by shopping around for the deal that best suits them, rather than going for the one that advertises the cheapest tariffs, says

Whilst the comparison website says the move from British Gas to cut its gas prices by seven per cent yesterday is good news for some consumers, it will not be the best deal for all customers.

British Gas has boasts that it now offers the cheapest tariff, on average, for gas, electricity, and dual fuel, but Mark Greening, head of utilities at Gocompare, said that "it's wrong to assume that one tariff will be best for everyone."

According to Mr Greening, consumers can save up to £285.37 if they compare deals and switch energy providers by using a comparison website, compared to the £55 that British Gas says its average dual fuel customer will save as a result of the price cut.

He predicts that whilst British Gas is the first to make a cut to its prices in 2010, others are sure to follow suit, but warns that these price cuts might be short lived, as industry regulator Ofgem has indicated that price hikes will be necessary to pay for improving infrastructure.

"Energy companies don't have a great reputation for swiftly passing on the benefit of wholesale price drops and this quite rightly annoys consumers," Mr Greening adds.

"Ofgem can't force energy companies to pass on savings when wholesale prices fall so it's up to the British public to turn up the heat by frequently shopping around to ensure they're getting the best deal."

© Fair Investment Company Ltd