Many households could see their energy bills rocket by up by 25% this week as a number of popular fixed-rate tariffs expire, a price comparison site has warned.
There are 24 such deals coming to an end tomorrow (Wednesday), including offers from British Gas, ScottishPower and First Utility, with customers being automatically transferred to their supplier’s standard variable tariff.
These tend to be far less competitive and could mean drastically higher bills unless customers switch again.
For most this will be in the region of £150, according to Gocompare.com, but others will fare far worse. First Utility customers in the Norweb region, which includes Manchester and Liverpool, are facing hikes of 25% or £312 for example.
The increases will come just as the costly winter months approach, with energy usage likely to be higher than usual if predictions for the coldest winter in 50 years prove correct.
Caroline Lloyd, energy spokeswoman at Gocompare.com, said: “With a huge number of fixed tariffs coming to an end this month, it is really important for customers to keep on top of when their deals expire and ensure they’re not paying over the odds for their energy.
“Unfortunately, households who are loyal to their energy provider once their current deal expires are usually rewarded with a significantly more expensive tariff that doesn’t represent value for money.
“However, there are a range of competitive tariffs available at the moment for those who take the initiative and shop around.”
Unfortunately, households who are loyal to their energy provider once their current deal expires are usually rewarded with a significantly more expensive tariff that doesn’t represent value for moneyCaroline Lloyd, Gocompare.com