Energy price hike - customers fight back
British bill payers are reacting to the latest energy price hike news by taking control of their finances and seeking ways to save on their energy costs, says moneysupermarket.com.
The comparison site has seen a big increase in people switching to a better value energy deal following energy giant Scottish Power's price hike announcement. From August 1st 2011 the cost of standard gas will increase by 19 per cent and the cost of standard electricity by 10 per cent, adding an extra £180 to customers' annual bills. This price move has sparked savvy switchers in to action and moneysupermarket.com's energy comparison tool has seen a whopping 1,264 per cent uplift to the number of customers swapping their energy tariff compared to the days leading up to the announcement.
Apathy will cost consumers dearly; bill payers languishing on their supplier's standard tariff could save up to £382 a year by swapping to the current cheapest fixed deal - the Fix Saver v2 tariff from EDF Energy, at £1,009 a year. Furthermore, if all bill payers moved to the best fixed deal, we could not only save £2.3 billion collectively as a country, but would freeze energy outgoings until September 2012.
Scott Byrom, utilities manager at moneysupermarket.com said: "Customers are certainly taking a stand against energy price hikes; a crucial move as apathy certainly won't be rewarded. The Scottish Power price rises will affect 2.4 million households. On a national scale this adds an extra £420 million to Scottish Power customers' annual bills.
"This increase has really ignited our customers to act and get a better deal before any further price increases are announced. Now really is the time to get on to the best priced energy tariff for your usage level and area you live. Bearing in mind historical energy market price rises, it's highly likely the other energy providers will follow suit. In the face of rising prices, opting for the market leading fixed product Fix Saver v2, from EDF Energy with average bills of £1,009 is the best way to safeguard against further price increases from the energy giants.
"Shopping around using a price comparison site for the best value energy product is vital and I urge everyone worried about the cost of their bills to act quickly as the best priced products are unlikely to be available for long. The more of us who switch to a better deal the more suppliers will need to compete for our business."