With further price increases on the cards many consumers are turning to fixed rate tariffs to keep their energy costs in check. British Gas has now launched a new fixed rate deal – but with the energy giants standing accused of price collusion how competitive is this offering and is it really the right time to fix? Paul Schofield, head of utilities, casts his eye over the deals and looks at the action you could take to reduce your bills.

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Do you think energy firms are ripping consumers off? And how do you feel about the prospect of further price hikes – would you struggle to pay your bills if they climbed any further? Click reply and let us know.

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Paul,

Finally,the previously toothless Energywatch and Ofgem are getting their sorry act together once the horse has bolted.It has been blatently obvious for several years and signalled by many observers that we have been ripped off.Not just by small amounts but by huge values.

The horse has bolted because the base levels for double digit rises started a long time ago and now we are faced with the inevitable further increases caused by sustained high oil prices.So here we go again and pretty soon, because politically for the supply companies, they will point to and exploit the crude oil price.Forget it's summer time.

As for fixed price deals,I personally wouldn't touch them.You can't tell me Npower's and BG's marketing moguls haven't smelt an opportunity.They don't offer these things to make it cheaper for us,they are simply exploiting the fear (genuine fear) of many customers.Your analysis quotes 25% premiums to fix.Some with very limited time frames and most ending before the heavy winter months kick in and when they usually concoct another rise.

All very cynical from me? I don't think so, I've watched this unfold for a long time and consistently pointed out what Energywatch have finally found the guts to state.

Hi All,

While EnergyWatch and Ofgem may now be looking into the issue of pricing and competition within the energy market, I’m fairly confident in saying that any actions or repercussions’ will be a long time in coming. There are undoubtedly some very serious questions to be asked and to be answered but I wouldn't want to be holding my breath while they are. In the meantime there isn't much a consumer can do but prepare for the worst ... While we wait for these changes if any, it is extremely important for consumers to look around and begin to secure themselves better pricing.

Indicators can already be seen in the market, suppliers (such as BG, SSE and EDF) withdrawing their capped price plans, replacing them with higher priced versions... its now no longer a matter of *IF* but WHEN prices rise again. It time to look at the tariffs your on, look at capped prices and work out how much of an increase your price plan can withstand while offering a saving, and then weigh this up with the chances of further price rises.

Is that online product going to be saving you money versus a capped plan if prices rise by 10%, how about 15% what about 20%? I would wager for a vast majority of consumers an increase now of 1-2% (versus a standard tariff) for the next few months will be far far manageable than an increase of over 10% thereafter?

Of course while taking these capped prices consumers should also prepare themselves for "price shock" as when you capped plan expires you will either revert to the standard prices available at that time or the latest available capped price tariff. Either way the difference in price and cost will be dramatic in comparison. PREPARE FOR IT EARLY SO YOU DON'T GET CAUGHT OUT.

Thanks for the advice, definitely going to look into this as the fuel price rises mooted are sounding pretty heavy.