Cheapest Energy Provider Uk – The loyalty penalty paid by customers who don’t switch suppliers has worsened since the government introduced an energy price cap.
The cap, which came into force in January 2019, was designed specifically to protect customers from paying hundreds of pounds more when transactions were completed.
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The gap between the most expensive and cheapest energy rates at major suppliers has worsened since the introduction of the price cap.
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But new research from auto-switching service Look After My Bills shows capacity is failing and loyal customers are actually worse off than before.
Last year, customers who stuck with one of the big six energy firms after an introductory rate expired would have to pay an extra £130.
They are significantly more expensive than existing deals by choosing a new tariff or provider.
Currently, energy costs are set at £1,254 a year, while the cheapest deal on the market is £846.
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In the early months of the price hike, the difference between the best and worst deals seemed to be improving.
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This is thought to be because energy suppliers are now using energy capacity as the basis for their most expensive tariffs, rather than competing on price.
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The increase was the biggest for SSE customers where the gap between the cheapest and most expensive tariffs increased to 98 per cent.
Customers with this energy supplier now pay £121 more for SVT than the supplier’s cheapest contract.
Although the gap was the biggest increase since last year, SSE still has the smallest gap of the big six – but it’s significantly higher than the £61 increase customers faced in 2018.
British Gas customers saw the second biggest rise, with the gap between the cheapest and most expensive deals widening by 92 per cent.
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At the other end of the scale, the gap faced by loyal customers at Scotland Power increased by just four per cent.
But customers of the price increase on the face of various standard tariffs are still difficult – they will pay £ 146 more than the cheapest rate on offer.
All you need to do to avoid paying more is to switch to a new contract – which should only take ten minutes.
You might get a better deal with your current provider, but you’ll usually get an even bigger discount if you shop around.
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Using a comparison site, such as Comparethemarket.com, uSwitch.com or GoCompare.com can help you find the best deal on the market.
You’ll want to consider price, but you may also want to look at factors such as customer service or environmental credentials.
Once you’ve chosen a new contract, switching is easy – especially if your new supplier is signed up to the Energy Conversion Guarantee.
This means that your new supplier will handle the entire transition for you, and guarantee that everything will be sorted within 21 days.
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Once you’ve exchanged, you have 14 days to make sure you’re happy, and if not you can return it.
Lily Green, head of research at Look After My Bills, said: “The message [the price hike] should be sending to the Big Six to get it right by their customers seems to have been largely ignored.
“What we’ve seen this past year is that energy companies are piling prices around the cap and continuing to penalize consumers for their loyalty.
“Right, it’s a shame people are paying £183 more for the same gas and electricity as their neighbour.”
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An SSE spokesman said: “We have one of the most competitive energy retail markets in the world and fierce competition requires suppliers to offer lower prices.
“We believe that competitive markets deliver the best outcomes for consumers and we call for capital to be reviewed as regulatory price interventions face unintended and unintended consequences.”
The energy watchdog is expected to lower prices this month, which should help narrow the gap.
The most sensible strategy for consumers is to make sure they shop around for a good energy deal every time an introductory tariff expires.
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Switching saves £280 a year on average, and you’ll almost always be able to snag an SVT even if the hood keeps these rates in check.
A BEIS spokesman said: “The reduction in energy prices has ensured that consumers pay a fair price for their energy. With more than 60 energy suppliers now competing in the retail energy market, customers who switch can make significant savings on their annual bills.
“The price cap also encouraged providers to scrutinize their costs and provide services more cheaply and efficiently.”
The Sun has asked all the other Big Six suppliers to comment on their price cuts and will update this story when we have a response.
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We pay for your stories! Have a story for The Sun Online Money team? Email us at firstname.lastname@example.org or call us on 0207 78 24516. Don’t forget to join the Sun Money Facebook group for the latest deals and money saving tips. Electricity The current cheapest price for electricity in the region. 9.55p/kWh.* The map below shows the maximum local prices you will pay for electricity.* If you pay more than this then we can save you some money.
Please note: Price information for Northern Ireland is not included as its operation on a separate transmission and distribution network prevents direct comparison with mainland UK prices using a single network.*All prices in 1- as of December 2015. Based on a one-year contract, with a consumption of 43,247 kWh and an above average credit score. To account for this we have taken a 3 meter electricity profile that uses most of its energy during the day with some use in the morning and early evening, but little at night so we can eliminate other variables and focus on regional influence. . North Wales customers are covered by price indicators for the North West of England.
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Gas The current cheapest price for gas across England, Scotland and Wales is 2.58p/kWh.* The map below shows the highest regional prices you should pay for gas.* If you pay more than this then we can save. you have a significant amount of money.
Please note: Pricing information for Northern Ireland is not included as its operation on a separate transmission and distribution network prevents direct comparison with mainland UK prices using a single network.*All prices in 1- as of November 2015. Based on a one-year contract, with a consumption of more than 85,386 kWh and an average credit rating.
Retail charges are the single biggest component of gas and electricity prices but did you know that those costs are driven by your suppliers’ commercial deals for the energy they supply rather than anything specific to your region?
Then why do prices vary by region if the ‘cost’ of energy is the same. The answer lies in the distribution of energy from its source (power plant or gas production facility) to its destination. Basically the more it goes the more it will cost.
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Also, some areas are more susceptible to damage (energy escaping from wires and pipes) than others because old equipment is less efficient than new. Unfortunately if you are in an area with poor drainage, then your price will be a bit higher.
Finally, some regions such as Northern Scotland are subsidized by others (England, Wales and Southern Scotland), which increases costs in the North and reduces costs in Northern Scotland, due to the higher cost of energy transmission to desert and high mountains. and distant Scottish islands.
Another important influence on the cost of your energy is when you use it, so business energy deals are desirable for every business (unlike the domestic market when the behavior is both uniform and predictable). Because of this inherent nature, it is difficult to compare like regions unless you have a standard set of assumptions against which to compare.
So that’s what we did. Based on a standard customer estimate across UK regions we can create an accurate local price comparison and tell you the maximum price you should pay. 2021, but it will be much higher in 2022.
Energy Comparison Service
While energy prices from 1 October to 31 December 2022 were initially announced at £3,549 a year for gas and electricity (an increase of around £1,578
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