Comment on npower's One fixed deal coming to an end on Friday 31 July

Published:

27/07/2009

Topic:

Press Release,Gas & Electricity

Scott Byrom, utilities manager at moneysupermarket.com said: "The first of the fixed energy tariffs is ending this Friday 31 July. Fixed rate deals were in vogue last year; 70 per cent of our customers swapped provider in July 2008 to choose a "fixed" energy tariff saving themselves an average of £134.50 a year against a back drop of sharply rising prices.

"npower One customers could see their bills jump between £147 (monthly direct debit) and £210 (quarterly variable direct debit) a year if they revert to a standard deal (see table below for all fixed rates coming to an end) while Scottish Power's Fixed Price 2009 deal ends on August 31; these customers could see their bills rise by £135 a year.

"Bill payers who fixed their utility bills this time last year should now be scouring the market for the next best alternative to avoid paying over the odds. 

"With 10 more fixed deals set to end before the year is out, my advice to customers who have fixed deals expiring soon is to look to swap at least four weeks before the termination date of the deal to avoid moving to a more expensive tariff.

"Bill payers need to be aware that the big increases they face when their current deal ends could wipe out any savings they made when they fixed last year. Timing is crucial when proactively looking for a new energy product, move off your fixed rate too early and you could face termination fees of up to £75 (see table below for early termination fees). Move too late and you might find yourself automatically switched to the standard deal or locked into a less attractive fixed deal which isn't the best as we move into autumn and winter weather.

"Fixing again now may not be the best option for the majority of bill payers as falling prices mean online deals offer better value."

-Ends-

Notes to Editors:
Case studies: Customers coming off fixed deals soon are available upon request. Please contact Lansons Communications on ms-utilities@lansons.com

Popular 2008 fixed deals due to end this year:

  

Energy Provider	Tariff Name	Current Tariff	End Date	Recommended switch date*	Saving against provider's standard**
Npower	One Tariff	£1,003.00	31-Jul-09	03-Jul-09	£147.78
Scottish Power	Fixed Price 2009	£1,021.26	31-Aug-09	03-Aug-09	£134.91
EDF	Price Freeze 2009	£1,168.93	30-Sep-09	02-Sep-09	-£21.53
Scottish Power	Fixed Price Energy Oct 2009	£1,093.87	30-Sep-09	02-Sep-09	£62.30
E.ON	Price Protection v16	£1,060.06	01-Oct-09	03-Sep-09	£74.51
E.ON	Price Protection v17	£1,102.39	01-Oct-09	03-Sep-09	£32.18
EDF	Price Protection 2009	£1,229.42	31-Oct-09	03-Oct-09	-£82.02
E.ON	Fixed Price 2009	£1,193.68	01-Nov-09	04-Oct-09	-£59.11
Scottish Power	Fixed Price Energy Dec 2009	£1,212.74	30-Nov-09	02-Nov-09	-£56.27
British Gas	Price Guarantee	£1,071.64	31-Dec-09	03-Dec-09	£85.63
Npower	Price Protector 2010	£1,320.48	31-Dec-09	03-Dec-09	-£169.70

^{Sourced by www.moneysupermarket.com}

^{*This date is 4-weeks (28-days) prior to the End Date to allow sufficient time for your application to be processed.}

^{**This saving represents the cost saving against the provider's Standard deal}

Early Termination fees:

Provider	Tariff	Tariff End Date	Termination Fees
British Gas	Price Guarantee	31-Dec-09	£75
E.ON	Price Protection v16	1-Oct-09	£35
E.ON	Price Protection v17	1-Oct-09	£35
E.ON	Fixed Price 2009	1-Nov-09	£35
EDF	Price Protection 2009	31-Oct-09	£50
EDF	Price Freeze 2009	30-Sep-09	£50
Npower	One Tariff	31-Jul-09	£50
Npower	Price Protector 2010	31-Dec-09	£50
Scottish Power	Fixed Price 2009	31-Aug-09	£50
Scottish Power	Fixed Price Energy Oct 2009	30-Sep-09	£50
Scottish Power	Fixed Price Energy Dec 2009	30-Nov-09	£50

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