Get switched on to risks of a bill shock

The modern energy market is ruthless and the truth is unless you switch you are likely to get ripped off

WE may be heading into summer and energy bills are possibly the last thing on your mind, but half a million households risk price hikes of up to 49%.

At the end of this month 22 dual fuel and gas-only tariffs come to an end. And unless customers take action and bag another deal quickly they face increases costing up to £380 per year – almost £32 a month – if they end up on their supplier’s standard tariff.

Customers on really cheap First Utility and Scottish Power tariffs face the biggest price increases, which vary from 15% to 49%.

Some Scottish Power bills will rise by £355 a year and some First Utility bills will shoot up by £380.

Mark Todd, founder of price comparison service energyhelpline, said: “This month’s price rise figures show the importance of switching at the end of a cheap energy deal.

“You can get cheap energy year after year but you do need to switch as your cheap deal ends, otherwise you will drop back onto the more expensive standard rates.”

Fixing your energy bill now will not only mean preventing an instant increase in your energy costs, it will protect you from any nasty shock bill hikes during the months ahead. That is most vital in winter when we use more energy.

Conditions are volatile in the energy market due to Brexit changes and suppliers complaining about extra Government costs hitting their profits.

According to energyhelpline, there’s a British Gas standard tariff rise of between 5% and 10% on the cards very soon, which could push up bills by £50 to £100 a year.

Hikes from other suppliers are possible but they are not expected immediately. While wholesale energy costs are down 5% to 10% since the beginning of the year, they are still up significantly on last year.

When the time comes to switch, you don’t need to wait until the last minute to move to your next deal. You can do this a month before your tariff ends and you will not face cancellation fees.

Mark adds: “The modern energy market is ruthless and the hard truth is that unless you switch you are likely to get ripped off.

“Don’t get burnt this summer by ignoring your energy bill.

“If your cheap deal is ending, switch again to stop your savings going up in smoke.”