Co-operative Energy to pay customers' switching penalties

Offer open to first 10,000 customers who switch from another supplier's fixed price tariff.

Co-operative Energy has announced that it will pay the cancellation fee of the first 10,000 customers who switch from a fixed price tariff to its energy.

It has also called on other energy suppliers to waive exit penalties on fixed price tariffs so more people can benefit from price cuts.

The Co-op’s offer applies to anyone on a fixed price tariff with another supplier. If you want to switch, you just need to provide proof of your exit penalty and you’ll be credit on your first bill.

It claims that the Big Six energy companies charge up to £100 for leaving a fixed price deal early.

Many people signed up to fixed price tariffs last year as the cost of energy started to rise. It's now starting come down again, off the back of falling wholesale costs, although none of the so-called 'Big Six' suppliers cut the cost of both gas and electricity.

Co-op was the first energy provider to cut both its gas and electricity prices this winter.

Elsewhere, a survey by business technology company Avanade found that 70% of people were unhappy with the cost of their energy bills. Yet less than a third had switched supplier. Only 12% of people said they felt any sort of loyalty to their supplier.

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