An end to cheap energy?
Not yet for British Gas
According to uSwitch.com, consumers should carefully consider signing up for a competitive energy plan before the opportunity is lost. In the last six months three of the six most competitive tariffs have been pulled off of the market, pushing the average price of best buy energy up by 3.7%. Previously, the average cost of a best buy energy deal was £913. With the loss of half of the competitive energy plans, the average price has increased by £34 to £947.
Fortunately, even with the loss of other tariffs, consumers still have options available. British Gas has consistently matained online prices at market beating levels. In fact, it is the low British Gas levels that are credited with keeping the best buy energy averages so low. Currently, customers can secure the low price of £895 a year.
Unfortunately, the trend of pulling competitive energy plans off the market may affect those cheap plans that remain. This is because the same economic forces that encouraged EDF Energy and npower to close their cheapest plans are also impacting other energy providers. According to Tom Lyon, an energy expert for the uSwitch.com, “Online energy prices are steadily creeping upwards as a direct result of the current volatility in the wholesale energy market.”
The threat of losing one of the last and best competitive energy plans is the reason that uSwitch.com is warning consumers to sign up for a best buy energy deal before it is too late. Lyon suggests that consumers consider the recent changes a warning that other energy providers will follow suit." This latest move by two of the big six suppliers to remove their most competitively priced plans off the market suggests that the current crop of best buy plans are not going to be around for long. I would urge people to snap up a deal now or risk seeing the last competitive plan slip through their fingers.”
It is important for consumers to know that British Gas has not indicated that they will be increasing or eliminating their low priced energy tariff. However, given the trend set by other energy providers, it may be prudent to sign up now rather than risk losing out on the opportunity.
It is also important to note that this current trend does not seem to have an effect on suppliers’ standard prices. Although standard energy prices have seen increases in the recent past, the current changes have, so far, been limited to the best buy plans.
Customers interested in securing the best energy prices should consider switching to British Gas’ competitive plan before it is too late. Currently customers making a switch from a standard plan to an online plan will save an average of £184. With so few discounted plans left and the threat of losing more, these savings may soon become a thing of the past.
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