Energy firms pull exclusive fixed deals as fears of £3,600 energy bills loom | The Sun

Energy firms pull exclusive fixed deals as fears of £3,600 energy bills loom | The Sun

08/03/2022

ENERGY firms including EDF are ditching exclusive market-leading fixed tariffs as wholesale prices rocket.

Yesterday, analysts predicted that bills will rise to £3,616 this winter.

Experts at Cornwall Insight have said that bills are now likely to rise to £3,358 from October and £3,616 from January.

Energy bills have been sky-rocketing since last year, but some energy firms have been offering their own customers the chance to fix their bills.

Fixed rate energy tariffs give customers bill stability over the agreed period and work to help reduce your chances of short-term bill hikes.

While the cost of fixing is at an all time high, with the standard variable rate predicted to hit over £3,600 in January, some offers were appealing.

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The Sun has now learned that firms have begun pulling their most competitive offers.

A spokesperson from EDF said: "In light of the ongoing volatility in the energy market, which has caused global energy prices to increase significantly in recent weeks, we have withdrawn the EDF customer exclusive tariffs we were offering from the market."

"Please be assured that we’re doing all we can to support customers during the crisis, particularly those who are vulnerable."

The supplier withdrew its "Fix Total Service Jul24v6" tariff priced at £3,050 which was available to all customers on the standard variable tariff.

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It also withdrew the "July24v7" tariff also worth £3,050 but only available to those with closing tariffs in the last month.

Frazer Scott, CEO of Energy Action Scotland said on the changes: "The fixed deals are all much higher than the capped standard variable rate but the gamble is – will they compare favourably to the next capped rate.

"Today, if it is no more than 70% above the price cap it might be worth fixing with rises expected in October and January.

"Beyond that it is a bit more unclear. If you fix you will immediately start paying the much higher rate. Over time when the cap rises you may pay less than others. It's a risk, a gamble."

Energy companies are withdrawing them perhaps as they are readying for the next cap. We are close to the confirmation date, 26 August.

British Gas and Shell Energy confirmed that they haven't offered their customers the chance to switch in the last few weeks.

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Scottish Power and Octopus Energy continue to offer their own customers these exclusive fixed rate energy tariffs.

However, The Sun understands that other suppliers are poised to pull their fixed deals which are exclusively offered to customers.

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