Consumers who want to fix the cost of their energy should move fast as the number of fixed energy tariffs on the market is falling.
Energy industry experts, such as Martin Lewis from consumer revenge website MoneySavingExpert.com, are urging consumers to switch energy supplier now, as some are withdrawing their fixed price energy deals from the market.
In addition to the declining number of fixed energy tariffs available, energy suppliers are going to hike their gas and electricity prices by 10 per cent at the start of 2011, it has been rumoured.
A 10 per cent rise in energy bills could equate to households spending an additional £115 a year on domestic energy, taking the average annual energy bill to more than £1,300 a year, energyhelpline.com has reported.
Mark Todd, director of energyhelpline.com, said: "There seems to be an almost unstoppable upward trend in the market with prices creeping up remorselessly." The rise in energy prices can partly be attributed to a 62 per cent increase in wholesale costs since last December, the website said.
Martin Lewis said on GMTV this week that the only cheap capped deal left is from Ovo energy, but it is predicted that this too will soon be closed to new customers.
The Ovo fixed rate tariff costs an average £926 a year, compared to the average bill of £1,200, while the next cheapest capped deal costs £1,057 a year.
Energy tariffs vary depending on postcode and usage, he added, so consumers should compare gas and electricity prices to source the best deal for them.
© Fair Investment Company Ltd
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