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What you need to know about energy price rises

Price rises are dominating the headlines and cheap deals are disappearing fast. But why is that? And more importantly, what can you do about it? Read on and we’ll walk you through it…

By Gareth Thomas

Updated: 24 September 2021

Light switch being turned off

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Why are there are fewer energy deals to choose from right now?

Energy prices have been rising for a few months now, driven by a surge in demand due to the rapidly recovering global economy.

Wholesale prices have risen so high recently that many suppliers have temporarily stopped trying to acquire new customers until prices settle down a bit more.

These actions by suppliers have resulted in our results showing fewer deals than we would normally display.

What does that mean for consumers? 

It means less choice and certainly not the high level of savings that we saw this time last year. 

Will prices come down again soon? 

Expectations are that the current spike may only be short-lived and hopefully we could see new fixed deals coming back into the market before too long.

The longer-term outlook is for the energy price cap to rise again when it is next announced in early February, but it is too early to suggest by how much that will rise.

What can I do now? 

If you're already on a fixed deal then it's likely to be much cheaper than current deals – so stay put.

If you’re on a variable tariff, you can still run a quote with us, but you’ll see a lot less deals than normal. It’s also likely that the deals you see will be more expensive than staying put.

For now, rolling on to a variable tariff which matches the energy price cap may be the better option. As there are no exit fees, you are free to switch away the moment better deals return.

If you run a price comparison and find you can’t currently make savings, you can leave your email with us, and we’ll let you know when you can. 

I need some guidance. Who can I speak to? 

You may be aware that some household-name comparison sites' customer service telephone helplines have stopped taking calls about energy switching in the face of the current market conditions. But the good news is that at MoneySuperMarket, we've got your back. 

We'll continue to field your calls and we're only too happy to walk you through your options and help you make sense of the current spate of price rises. Lean on us and we'll do everything we can to help you through this trying period. 

Contact us on: 0800 170 1921

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