Bill shock warning: energy tariffs ending in March

Six fixed price tariffs will end before the end of March. Is yours one of them?

Half a dozen fixed rate energy deals are coming to an end by the end of March. If you are on on these deals you could face bill hikes of up to £131 a year if you don’t switch to a more competitive deal.

This is because energy providers typically move customers to their standard rates, rather than their best tariff, when a fixed tariff finishes. Standard tariffs tend to be expensive and prices could go up if the price of wholesale energy changes – or on a whim of the energy provider.

Which tariffs are ending in March?

These fixed price plans finish by the end of March:

• Co-operative Energy Pioneer Fixed 2015
• EDF Energy Blue+Fixed Price March 2015
• EDF Energy Blue+Price Promise March 2015
• Sainsbury’s Energy Fixed Price March 2015
• Scottish Power Online Fixed Price Energy March 2015
• Scottish Power Fixed Price Energy April 2015

Of these, customers with Co-operative Energy will experience the biggest bill shock. They have been paying an average of £1,045 a year on the Pioneer tariff but will see their annual bill jump by £131 to £1,176 if they are automatically switched to the Co-op’s standard tariff.

However, Sainsbury’s Energy customers will actually save money. They’ve been paying an average of £1,193 a year but the average standard bill is £1,156. That’s £37 cheaper.

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The best tariffs to switch to

The good news is there are plenty of competitive dual fuel energy deals available, with several costing the average energy user less than £1,000 a year and offering considerable savings on the tariffs about to end.  

Source: lovemoney gas and electricity comparison centre

Prices based on average consumption as measured by Ofgem of 13,500kWh of gas and 3,200kWh of electricity and a customer paying by monthly direct debit including VAT.

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Why you need to take action now

Although it doesn’t take long to pick a new supplier and get the ball rolling, switching energy deals normally takes about six weeks from start to finish.

So, if your tariff finishes this month, you’ll end up paying your current supplier’s standard rates for a few weeks while the transfer goes through.

[SPOTLIGHT]Under Ofgem rules, suppliers must send you notice about your plan's upcoming end date six to seven weeks before the end of your plan. Your current supplier will tell you about cheaper deals it offers – but not whether you can get a better price elsewhere, so make sure you shop around.

Are you owed money by your energy supplier?

When you switch suppliers you might be in credit with your provider – which means it owes you money.

An estimated £153 million is owed by energy suppliers to former customers, who overpaid before making the move to a rival supplier. A campaign called MyEnergyCredit was launched in September 2014 to reunite customers with the cash they’re owed.

If you run your account online it should be easy to see if you’re in credit by simply logging into your account. If you receive paper bills, these should also tell you if you’re in credit or debt to your supplier.

Under new rules from energy regulator Ofgem, suppliers have to reimburse you if you ask – so ask.

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