EDF Energy has launched a fixed-price energy tariff that guarantees no price changes until at least 30 September, 2013.
Several major energy companies have increased their standard tariffs in recent weeks, and some consumers may find the security of a fixed-price tariff appealing.
But although fixed-price tariffs may be suitable for those who want to protect themselves against possible future price rises, it’s worth taking account of any hidden costs before you sign up to these tariffs.
Security at a price
Which? has a tariff comparison website, Which? Switch. Spokeswoman Reena Chityal says: ‘Like most fixed price tariffs, EDF Energy’s Fixed Price 2013 incurs a cancellation fee if you leave the plan early, so you need to be sure you’re signing up for the long term. If you cancel before 31 December 2011, you’ll have to pay a penalty of £35 for each fuel, dropping to £15 each if you cancel during 2012.
‘The Fixed Price 2013 dual fuel tariff will cost an average user in the London region £1,026.66 if they pay by monthly direct debit – £36.93 cheaper than EDF’s Fixed Price 2015 tariff.’
There’s a plethora of tariffs available, and several different types. We explain the pros and cons of fixed-rate, capped, prepayment, economy 7 tariffs and more in understanding energy tariffs.
You may want to consider more than just price when it comes to selecting an energy supplier. To see how the big names compare on areas including value for money, customer service and bills, have a look at our energy supplier satisfaction survey.
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.
Which? RSS and Twitter news feeds
For daily consumer news, subscribe to the Which? consumer news RSS feed. If you have an older web browser you may need to copy and paste https://www.which.co.uk/feeds/news.xml into your newsreader.
Follow @WhichNews on Twitter for the latest news, or @WhichAction to see how we’re campaigning for consumers.