Do nothing. Don’t switch energy firms. Inaction is the best action right now… unless they’re trying to double your monthly direct debit payments.
The energy market is in crisis; prices are rising and energy firms are falling. The cheapest fixed deals cost twice what they did a year ago. The energy price cap went up 12% this month (13% prepay) and more rises are expected.
It’s all due to an explosion in the cost of wholesale gas – and because in the UK we often use gas to generate electricity, the price of that is up, too. No surprise many people are panicking and I’ve been swamped with questions – so let me run through the most common ones (please note, my answers are correct at the time of writing).
Q Now that prices are rocketing, should I be trying to bag myself a cheaper energy deal?
A No. Do nothing – the energy price cap is the cheapest deal. The price cap limits what providers can charge on their standard variable (default) tariffs. There are no meaningfully cheaper switches available right now.
You’ll be on the price cap, or automatically moved to it, if:
• You’ve never switched.
• Your cheap fix ends.
• Your provider goes bust and you’re moved to a new firm.
So do now and you’ll be on, or moved to, today’s cheapest deal.
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