There is scope for saving money if you act fast and change supplier or tariff as soon as possible; however, it may be best to stick to one of the 'Big Six' suppliers, as volatile price fluctuations have forced smaller suppliers out of the market in the past.
Cardiff (PRWEB) September 17, 2008
Gareth Kloet, product director at Confused.com, the UK's leading price comparison website, responds to npower's and Scottish Power's recent energy price rises, which will hit an estimated 11.8 million customers. These latest announcements follow price rises by Scottish and Southern, British Gas, EON, and EDF:
"We are living in unusual times! Energy prices have risen by more than 40 per cent this year alone, as a result of unprecedented rises in the cost of wholesale energy and, consequently, double digit rises have become the norm.
"Despite the fact that all of the 'Big Six' providers have now raised their energy prices, supplier prices are still in a state of continuous flux. In fact, it has never been more important to make informed decisions when it comes to changing energy tariffs, based on personal circumstances.
"While capped tariffs will offer insurance against future rises in energy prices, it is important to note that customers will pay for this fixed-price assurance. This makes the cost 20% higher, on average, than that of uncapped deals. While uncapped deals, in the current climate, will result in the most significant savings, there is no guarantee that these prices will remain as competitive and attractive in the near future. It is important to also consider online deals and paying by direct debit, as companies often offer discounts to customers who elect to use these methods.
"There is scope for saving money if you act fast and change supplier or tariff as soon as possible; however, it may be best to stick to one of the 'Big Six' suppliers, as volatile price fluctuations have forced smaller suppliers out of the market in the past."
For further information please contact:
Caroline Spindlove/ Anna Bowes
02920 434 398
Joanna Harte/ Gug Kyriacou
020 7655 0550
Notes to editors
- Savings based on results taken on 18/08/2008 for an annual consumption of 3,300 kWh for electricity and 20,500 kWh gas (medium consumption) comparing all regions' 'standard' bill (where they are with British Gas for their gas and the host supplier for their electricity) and the cheapest tariff available. Number of households which have not switched is provided by Ofgem in the Domestic Retail
Market Report 2007.
Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it dominates the car insurance aggregator market with a massive 70% market share and generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.
Confused.com has 74 motor insurance partners, and customers can save up to on average £208. It also has a panel of 55 for home insurance, and customers who use Confused.com for home insurance can expect to save up to £193.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.