Moneysupermarket forecasts bill payer loss of £3.9 billion

Wednesday, November 30, 2011, AM | 2 Comments

As the last of the ‘Big Six’ energy providers announces a price-increase, Moneysupermarket forecasts bill payer loss of £3.9 billion

Having announced its price hike only last week, EDF Energy has emerged overall as the cheapest of the Big Six, with an increase of 15.4 per cent on its gas prices, and just 4.5 per cent on its electricity – compared with the average of 17.4 per cent and 10.8 per cent, respectively. The nation’s bill payers have been urged to compare gas prices at moneysupermarket – or face losing 3.9 billion.

Image courtesy of Hugovk

However, Moneysupermarket, the nation’s leading price comparison site, has told consumers that they could stand to save a quarter on their energy bills by comparing gas and electricity prices and switching energy providers. EDF Energy’s best value tariff is its Fix S@ver v2, which emerged as the very cheapest tariff in 13 out of the 14 regions of the British Isles.

The North West is the prime example used to illustrate the potential savings ahead for bill payers. Those who haven’t yet swapped providers and moved from the region’s incumbent energy provider currently pay an average of £1,351.30 a year on a standard tariff, paying quarterly by cash or cheque. If they made the switch to EDF ENERGY’s Fix S@ver v2, however, they’d see a reduction in their bills of £355 – that’s a staggering 26 per cent.

Moneysupermarket utilities manager, Scott Byrom, has warned off people remaining loyal to or being apathetic about their current providers, and has urged British bill payers to shop around on the Internet to avail of the huge savings available: “Online deals do tend to have the cheapest prices but many are variable and can be increased by the energy companies at any time.

“With so much uncertainty about whether the cost of energy will to continue to rise, my advice to consumers is to think about taking a fixed energy product and weigh up the peace of mind this type of tariff offers compared to the best price online option.

“Many of the fixed products share the benefits available with online products such as paying monthly by direct debit to spread the payments and recording actual meter readings with an online account to cut out the need for estimated billing. If households aren’t on this kind of deal they really need to act now. The recent increases mean that times are now even tougher, and with the Winter months on the way, bill payers need to act fast to start saving money on their energy bills.”

This is a guest post by Emma Barnes, Link Analyst for Moneysupermarket.com.

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