Scottish Power and nPower customers who signed up to fixed price tariffs last year could see their energy bills rocket in the next week by up to a staggering £210 a year.
Fixed price deals are a good way of protecting yourself from price rises however if you fail to act when your deal comes to an end, you could quickly see your bills increase dramatically as many of the suppliers automatically transfer you to their more expensive standard tariffs.
The Government have recently announced plans to ensure suppliers transfer customers to the cheapest tariffs however these plans are still at consultation stage and therefore could take until 2014 to be implemented.
Between 30 November and 4 December, the following tariffs will come to an end and the implications of not shopping around could add £131 to £210 to consumer bills:
| Supplier | Tariff | End Date | Average increase** |
| Scottish Power | Capped Price Energy December 2012 | 30th November 2012 | £147.09 |
| Capped Price Energy December 2012 (Paperless Billing) | £162.84 | ||
| Online Energy Saver 15 (Paperless Billing) | £210.38 | ||
| Online Fixed Price Energy December 2012(Paperless Billing) | £154.90 | ||
| Online Fixed Saver December 2012(Paperless Billing) | £132.55 | ||
| nPower | Go Fix 7 | 4th December 2012 | £131.21 |
Consumers on one of the above ending deals, could save by using a comparison site such as Confused.com, who compare the whole of the market and are completely free to use.
Kate Rose, head of energy at Confused.com commented “We regularly recommend that consumers look at fixed and capped tariffs as a way of protecting themselves against price rises, however these figures clearly highlight the need for consumers to make a note of when their fixed price deals come to an end or they could soon see the savings they may have made quickly eroded by budget busting increases.”
“Consumers need to remember to regularly shop around and use a comparison site to continue to get the best deals.”
“Many consumers know not to accept their insurance renewal prices and in the same way as you would shop around annually for your car insurance, we recommend consumers take a similar approach with their energy bills.”
“Look for tariffs that offer discounts for dual fuel, online account management and payment by Direct Debit but also make sure you look at whether there are any exit fees, so should you wish to switch again you know whether you could incur a charge.”
