Capped rate energy users need to review their suppliers and energy plans
Experts are warning that consumers in the UK that are currently on a capped rate in terms of their gas and electricity costs should get ready to start looking for alternative suppliers or plans if their capped rate period is due to come to an end soon. Officials have warned that current capped rate consumers in the UK could see their energy bills shoot up by around fifty percent at the end of the capped rate period, adding hundreds of pounds a year to many household energy bills.
In 2006 many consumers were hit with huge rises in energy prices, with hikes of around ten percent or more being enforced by a number of major suppliers. Although those with a capped rate may not have felt the pinch last year when the prices were hiked up, those with a capped rate period that is due to end are likely to be shocked by just how high their bills could soar once their capped rate period has come to an end.
One uSwitch spokesperson stated: "This January, like last January, is starting with price increases despite noises that prices will come down in the spring. In addition, thousands of energy customers are coming to the end of their competitive capped rate deals and will no doubt be unprepared for the significant 49% jump in their annual bill. This makes January the ideal time to review your energy provider. uSwitch.com's comparison service provides consumers with an up-to-date picture of the energy market so they can make an informed decision which supplier best suits their needs."
Consumers are advised to start shopping around as early as possible in preparation for the expiry of their fixed rate period, which will make it faster and easier to make the necessary switch when the time comes.
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