Tumbling wholesale prices see home energy deals drop to their lowest period since Summer 2018****
Current cheapest deal costs just £764 a year on average**** and the best value tariff from the Big Six is £806****
Wholesale costs are dramatically down compared to last year**** and lower industrial energy use means domestic prices are getting cheaper
Uswitch.com suggests consumers to make the most of low prices and switch to a new fixed deal.
Falling wholesale prices this Spring has seen household energy deals fall to their cheapest since Summer 2018, according to data from Uswitch.com, the comparison and switching service.
Day-ahead wholesale electricity prices in April 2020 were down 44% on last year, falling from £43.55/MWh to £24.18as global demand has plummeted during lockdown.
The Fix’D 20 11.0 tariff from Outfox the Market costs just £764 and is set for 12 months, but the fall in prices is not limited to the lesser-known suppliers.
The cheapest tariff from the Big Six is the British Gas Energy and Home Services May 2021 costing £806. The lowest priced deal available to switch to through Uswitch.com is the GNE Spring Sunrise V4 tariff from Green Network Energy costing just £799 — the best value offer since November 2016.
Energy customers can use the Uswitch online guide to find out if their deal is ending soon and compare the better deals to move to.
Will Owen, energy expert at Uswitch.com, said: “Life is far from easy at the moment, but one small chink of light is that energy prices are lower now than they have been for almost two years. This will be particularly welcome news for any homes consuming more power than usual due to the lockdown.
“Households currently on Standard Variable Tariffs could save up to £397 on average by moving to Green Network Energy’s cheapest deal — or up to £355 if they switched to a fixed deal from British Gas, the lowest tariff from a Big Six firm at the moment.
“The cheapest tariff for those entitled to the Warm Home Discount is the Simple and SuperFixed deal from Avro Energy costing £793 on average.
“We last saw a period of prices this low almost two years ago in the Summer of 2018, so now is a great time to explore whether you can save some money — no one should be paying a higher rate for their energy than they need to.”
Table 1 – Best buy deals on Uswitch
Find out how you could save nearly £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
Notes to editors
Source: Uswitch.com data. Outfox the Market’s Zapp! April Tariff (low consumption) was available for £762.42 from Uswitch.com on 21/06/2018. Prices assume a household with medium annual consumption on a dual fuel tariff, paying by monthly direct debit.
Source: Uswitch.com data, correct as at 18/05/2020. Outfox the Market’s Fix'D 20 11.0 tariff costs £764.10. All the above deals are based on standard, dual fuel, monthly direct debit plans based on Ofgem medium usage values, averaged over all regions where they are available.
Source: Uswitch.com data, correct as at 18/05/2020. British Gas Energy and Home Services May 2021 costs £806.31. GNE Spring Sunrise V4 tariff from Green Network Energy is £798.62. Previous cheapest deal available to switch on Uswitch.com was iSupplyEnergy’s tariff at £790.65 on 15 November 2016.
Nordpool UK Day Ahead Auction Prices. Data correct as at 18/05/2020. Ofgem Day Ahead gas prices data.
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