With some of the main energy companies stating that we will need to pay an extra £100 per year for our energy over the next year, there seems like no better time to re-evaluate our current energy supplier.
Consumers are being advised to change from one of the large six suppliers who are currently dominating the market, and change to smaller suppliers such as the Co-op and Ovo, as they are promising to avoid or limit price hikes. According to the energyhelpline.com, one fifth of consumers are changing to smaller suppliers.
The reason why people are cautious about changing to smaller suppliers is their fear that they might go bust. As in 2008 this did happen to two of the smaller suppliers Bizz Energy and Electricity4Business and their customers got fixed into expensive deals with one of the large six suppliers. However there is no risk of a customer losing a supply if they did go under, as Ofgem, who regulate gas and electricity suppliers in the UK, would make sure that consumers received a consistent supply.
Some of the cheapest fixed deals are when you pay by direct debit First:Utility have a fixed price until the 11 May at £1,172 per month, followed by Sainsbury’s Energy Online who are also offering the same tariff until October 2014. If you would like to see how much you can save try out the Guardian’s Energy Switching Service or USSwitch.com
Which? recently carried out an energy satisfaction survey and Good Energy was the most popular, followed by Utility Warehouse, Ecotricity, Ovo Energy and Ebico.
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