Fix now before gas and electricity prices rise again

British bill payers need to be on their guard and ‘fix now' if they want to secure the best deals for gas and electricity, warns moneysupermarket.com.

With the cost of wholesale energy continuing to rise, and energy companies removing many of the cheapest fixed deals from the market, all indicators point to imminent gas and electricity price rises . For those coming off their existing fixed rate deal, or those who are looking to protect themselves against any price increases, fixing on to the cheapest deal now will ensure any price increases during the term of the deal will pass you by, and most importantly won't hit your wallet hard during the cold, and more costly, winter months.

Scott Byrom, utilities manager at moneysupermarket.com, said: "With wholesale energy prices recently reaching a year-high and some providers removing their best fixed rate deals, I fully expect other leading deals for new customers to be withdrawn from sale soon. Taking these factors into account, it is safe to say that the only way prices will go in the next few months is up, so if you are looking to avoid the impact of any increases you should fix now.  The best current fixed deal available is npower's ‘Go Fix v2' tariff - although we are approaching the first anniversary of its introduction so there is a high chance it could soon be pulled from the market, so you should move quickly.

"At just over £900 a year it is the best option for bill payers looking to secure their energy outgoings against the prospect of future price rises. The next best fixed deal at the moment is ‘New Energy Fixed' from OVO Energy at £926 annually, or for those looking for an online deal, ‘SaveOnline v2' from E.ON at £882 a year.

Scott Byrom continued: "With seven other fixed deals finishing before the end of August I'd advise fixing now onto the best deal if you want to seek shelter from the brewing utilities storm - and for all of those bill payers on a fixed tariff, always be aware of when your fix is coming to an end as you may not want to stick with the automatic alternative.

"Look to swap at least six weeks before the termination date to avoid automatically being moved onto what could be a more expensive tariff from your supplier. However even if there is less than six weeks to go before your fixed deal expires it is crucial to scour the market for the next best alternative deal to avoid paying over the odds, and even if your termination date has passed, you should look now for the best option available to you, timing is definitely the key to making sure that you are always signed up to a good deal."