Here comes the spring energy rip-off!


Updated on 07 April 2011 | 6 Comments

The best gas and electricity tariffs expire now, turning millions of us into April Fools...

April Fool's Day is always great fun -- unless you're the victim of a practical joke, of course.

Get ready for the rip-off

Alas, the bad news is that Britain's biggest energy companies are all set to play a massive April Fool's trick on millions of customers.

That's because several of the cheapest fixed-rate tariffs for gas and electricity will expire today (31 March) or tomorrow - 1 April.

As a result, customers will be moved from cheap energy deals onto inferior tariffs. In some cases, these customers could end up on their supplier's standard tariff, which is usually the most expensive option.

Related how-to guide

Cut your energy bills

Fight back against rising energy prices with these top tips.

Will you be an April Fool?

During the recent winter snow falls, energy consumption was very high, making consumers anxious about rising fuel bills. However, as warmer weather arrives, we use less gas and electricity and, therefore, worry less about our fuel bills.

Of course, energy suppliers know this, so they plan to cash in on the warmer weather by sneakily raising their prices while we're all enjoying the spring sunshine. Grrr!

Therefore, anyone on fuel tariffs expiring on 31 March or 1 April needs to act now, as losing these rates leaves customers exposed to huge hikes in their energy bills.

15 dead deals

According to Energy Helpline, which powers lovemoney.com's energy comparison service, no fewer than 15 fixed-rate or guaranteed-discount tariffs terminate on 31 March or 1 April. Here they are:

Capped or fixed tariffs

Supplier

Tariff

Expires

British Gas

Price Guarantee March 2011

31 March

E.ON

EnergySaver R1

1 April

E.ON

FixOnline 6

1 April

E.ON

Price Protection R2

1 April

EDF Energy

Annual Fix v2

31 March

Scottish Power

Capped for Free

31 March

Scottish Power

Capped Price Energy April 2011

31 March

Scottish Power

Fix 'n' Flex April 2011

31 March

Guaranteed discount tariffs

Supplier

Tariff

Expires

EDF Energy

Online S@ver v5

31 March

EDF Energy

Energy Discount Plan V2

31 March

Npower

Sign On-Line 17

31 March

Npower

WEB 17

31 March

Scottish & Southern Energy

Go Direct 3

31 March

ScottishPower

Price Tracker April 2011

31 March

ScottishPower

Discounted Energy April 2011

31 March

Here comes 'tariff trauma'

In total, 12 deals expire today, followed by another three deals tomorrow (Friday).

Of course, customers who've been paying these fixed or discounted rates have been protected from the steep price rises seen in recent years. However, hundreds of thousands of households are set to suffer 'tariff trauma' when suppliers move them to much pricier energy rates.

Alas, even the best of the current crop of fixed-rate tariffs aren't as good as the above deals, so consumers are sure to suffer, especially if they sit back and do nothing!

How will Ofgem react?

Ofgem, the energy regulator, is already unhappy with the 'complex and unfair' pricing practices of the UK's biggest energy suppliers. Hence, it gave these companies eight weeks to simplify their gas and electricity pricing.

John Fitzsimons explains why you could save a bundle by getting a new energy tariff today

Bizarrely, Ofgem's investigation could leave many customers worse off, because simpler tariffs don't necessarily mean lower fuel bills!

The answer is to switch and save!

If you don't want to get ripped off for the rest of 2011, then now is the time to act.

First, get out your latest gas and electricity bills -- or call your supplier(s) to check which tariff(s) you're on.

Second, use our highly rated energy comparison service to compare your current or new deal to the best on offer.

Third, either grab your current supplier's best deal or, even better, switch suppliers for maximum savings. Surveys suggest that you could save £300+ a year by shopping around.

So, don't delay. Act today, before you become an April Fool!

More: Get cheaper gas and electricity | OFGEM proposals unlikely to do much good | John Lewis offers never-ending refund

Comments


Be the first to comment

Do you want to comment on this article? You need to be signed in for this feature

Copyright © lovemoney.com All rights reserved.

 

loveMONEY.com Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA) with Firm Reference Number (FRN): 479153.

loveMONEY.com is a company registered in England & Wales (Company Number: 7406028) with its registered address at First Floor Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom. loveMONEY.com Limited operates under the trading name of loveMONEY.com Financial Services Limited. We operate as a credit broker for consumer credit and do not lend directly. Our company maintains relationships with various affiliates and lenders, which we may promote within our editorial content in emails and on featured partner pages through affiliate links. Please note, that we may receive commission payments from some of the product and service providers featured on our website. In line with Consumer Duty regulations, we assess our partners to ensure they offer fair value, are transparent, and cater to the needs of all customers, including vulnerable groups. We continuously review our practices to ensure compliance with these standards. While we make every effort to ensure the accuracy and currency of our editorial content, users should independently verify information with their chosen product or service provider. This can be done by reviewing the product landing page information and the terms and conditions associated with the product. If you are uncertain whether a product is suitable, we strongly recommend seeking advice from a regulated independent financial advisor before applying for the products.