Bills warning: window of opportunity to grab £100-plus energy savings as wholesale prices soar

• Uswitch advises 26 million households on default tariffs^[1] to take advantage of cheaper energy deals before costs rise again
• With UK wholesale electricity prices nearly tripling in January^[2], energy bills could rise more sharply than anticipated at the next price cap^[3] 
• Households can still take advantage of cheaper deals – with a guaranteed £100 discount on the price cap from EDF’s market-leading 12-month Simply Tracker Extra tariff, exclusively available at Uswitch and Confused.com^[4]
• Households use 13% of their annual gas and 10% of their annual electricity in February, making it one of the highest months for energy use^[6]
• Uswitch.com encourages households to run a comparison online to see how much they could save by switching 

The 26 million UK households on default energy tariffs^[1] are being urged to snap up a cheaper deal urgently by experts from Uswitch.com, the comparison and switching service.

Wholesale energy prices have been rising sharply in recent weeks, but these extra costs have not yet fed through to fixed deals or tracker tariffs set against the price cap, which will change on 1 April.

The April price cap is predicted to be 3% higher than the January cap^[3]. The average price of energy deals could rise in the coming weeks, and households may not have long to lock in these bigger savings.

Households can still take advantage of cheaper deals – with a guaranteed discount of around £100 compared to the price cap from EDF’s market-leading 12-month tracker tariff, exclusively available at Uswitch and Confused.com^[4]. 

Tracker tariffs can guarantee significant discounts - whether the price cap goes up or down, you’ll always pay less than staying on standard variable rates. 

There are also great value fixed deals available – with savings from £110 a year compared to the current price cap^[5], but deals are not expected to remain at these prices for long.

Households are being urged to act promptly, as February is one of the highest months for energy use. Consumers typically use 13% of their annual gas and 10% of their yearly electricity in February^[4].

By switching as soon as possible, households could start their deal by early February, and maximise their savings during the cold winter months.

Uswitch.com is encouraging households to run a comparison online to see how much they could save by switching.

Will Owen, energy expert at Uswitch.com, comments: “When wholesale energy prices rise, the cost of deals on the market usually increases at the same rate.

“So it’s unusual for such well-priced deals to be available, and we believe that households may have a relatively short window of opportunity to grab one before they disappear.

“For customers looking for a guaranteed discount, a tracker tariff is a great option right now. EDF’s Simply Tracker Extra tariff is a rare chance to guarantee a saving of £100 against the price cap over 12 months, whether it rises or falls. 

“This deal is also a great choice for smaller households as the discount applies to standing charges, so if you use less energy you’ll save more proportionally. You should always check you are happy with the tariff duration and any exit fees. 

“If you’re on a standard variable tariff, now is the time to protect yourself from upcoming price rises. Run a comparison to see what deals are available to you.”

Track your energy usage with the free Uswitch app.