Big 5 energy companies compared – their cheapest deals revealed as gas prices rise

Martin Lewis gives Brits advice on the energy bill crisis

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Energy bills are expected to rise this winter, owing to the price rise in wholesale gas. But is there a way to save money while prices rise?

Six energy suppliers have already gone bust since the start of the year, including Avro Energy and Green.

A further 35 energy firms face the prospect of collapsing before the end of the winter, analysts have warned.

Avro, Green, PFP Energy, MoneyPlus Energy, Utility Point, and People’s Energy are the six firms to cease trading.

All combined, the six companies represented about five percent of the UK market – and 1.5million customers.

Five of the UK’s largest energy firms have been compared by Express.co.uk after speaking to MoneySavingExpert.co.uk (MSE), to find their cheapest fixed-rate deals.

All of the comparisons were from 4pm on Wednesday September 22, but it’s important to remember that the rates are constantly changing.

E.ON has the cheapest fixed tariffs available of the five, ranging from one-year to two-year deals at £1,477 per year, based on typical usage.

The energy supplier also runs Sainsbury’s Energy, which has exactly the same tariff in place, except you could earn up to £60 in Nectar points when you sign up to a two-year deal.

DON’T MISS
Gas supplier claims government rules are stopping it helping UK [LATEST]
Gas firms urged to help elderly avoid huge energy bills this winter [NEWS]
What to do if your energy supplier goes bust [EXPLAINER]

Meanwhile, British Gas’s cheapest fixed-rate tariff is also one of the most expensive of the suppliers compared.

Its HomeEnergy Secure deal, which would be in place until at least November 30 2023, would set you back £1,702 annually – again, based on typical usage.

SSE’s fixed-rate deal would be even more expensive at £1,800 per year.

EDF Energy has no fixed deals available.

Energy supplier – Duration of fixed-rate tariff – Price

E.ON – 1 year or 2 years – £1,477 (per year, on typical usage)

Scottish Power – Until December 31 2022 – £1,577 (per year, on typical usage)

British Gas – Until November 30 2023 – £1,702 (per year, no typical usage)

SSE – 2 years – £1,800 (per year, on typical usage)

But, just because you could find a cheaper deal elsewhere, it might be more prudent to sit tight for now, according to MSE founder, Martin Lewis.

You could move to a cheaper price-capped variable tariff, but accept that after the price cap – inevitably – rises from April 2022, you’ll be paying more. You may also have to pay an exit fee from your supplier.

Alternatively, you could stick with a fixed-rate tariff, which provides you with a little more certainty going forward.

Martin said: “Without a crystal ball, I can’t with certainty tell you which will be best. So you have to decide based on your attitude to price versus certainty.”

Source: Read Full Article