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Energy companies pull cheapest rates

Npower and Ovo axe cheapest fixed-rate deals

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Risk-free investment can be affected by interest, tax and inflation

In a sign that the industry expects fuel prices to keep rising, energy firms have started to withdraw their cheapest fixed-rate deals.

Major providers Npower and Ovo Energy have pulled their cheapest fixed-rate deals, replacing them with more expensive tariffs. 

The changes means Ovo’s cheapest fixed rate will increase to £994 a year, with Npower’s  cheapest fixed-rate tariff rising to £1,101.

Energy price probe

The announcement is further bad news for consumers, following a recent Which? investigation into energy tariffs published last week. We found an overwhelming number of tariffs, coupled with the fact that energy suppliers fail to keep customers informed about cheaper deals, meant many households could be paying over the odds for energy. 

To find the cheapest deals, you can use switching services such as Which? Switch

Which? Switch spokesperson Reena Chityal said: ‘We would encourage customers to shop around to find a better deal and switch energy suppliers before their winter fuel bill arrives. To find the best deal, opt for online account management, pay your bill by monthly direct debit and switch to a dual fuel tariff.’

An energy monitor can be a useful way of keeping track of electricity use in your home. It tells you in pounds and pence, and in real time, how much energy you are using. If you’re interested in getting an energy monitor, Which? has reviewed seven leading . 

If you’re replacing any of your appliances, make sure you check out our review of Best Buy energy-saving appliances to see how much they could save you on your electricity bill.

Lower your gas and electricity bills

You can compare energy prices and switch to a new gas and electricity supplier on Which? Switch. People who switched with us between 1 October and 31 December 2013 are predicted to save an average of £234 a year on their bills.

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