As predicted, more energy suppliers have joined the recent battle for the cheapest gas and electricity prices.
This week, independent energy company First:Utility undercut the ‘Big Six’ energy supplier deals with its new dual fuel tariff iSaveV3. It supersedes iSaveV2, offering a further 3% off its standard prices and an average annual bill of £889.
First:Utility claims its new standard gas and electricity prices will save customers paying by cash or cheque on average £20.28, and those on a direct debit plan £8.35.
It’s CEO, Mark Daeche said, ‘We know that what matters to UK households is that they can keep their energy costs as low as possible and we believe that this Standard tariff will help them achieve this.’
iSaveV3 is £10 cheaper than British Gas’ Websaver 6, and £15 better than EDF Energy’s Online Saver 6, making it the cheapest standard dual fuel tariff in the UK today.
Daeche said of its launch, ‘We’re aiming to send out a clear message…that there is a real alternative to the Big Six incumbent energy companies. I would urge people to act with their feet and demonstrate to the companies that dominate the energy sector in the UK – that people want a better deal and better service’.
The new tariff comes at a significant time in the energy market, given British Gas’ standard price cuts last month and new tariffs from the likes of nPower and EON. Customers ready to make the switch, however are being urged to hold fire because more price cuts are imminent.
Some industry experts are predicting further price movement following the bumper profit margins recently announced by energy suppliers, including Centrica (British Gas). This has led to Ofgem – the energy regulator, encouraging them to pass on wholesale savings to their customers. The government has also called for better customers deals.
This combined with First:Utility’s latest offering means the price war between energy suppliers is likely to increase, which is great news for customers.
If you are looking for a better deal on your gas and electricity, the best place to start is by comparing tariffs using an energy comparison website. Online tariffs are by far the most competitive, and you could shave a few hundred pounds off your annual bill by switching online.
Confused.com’s utilities expert, Gareth Kloet said, ‘Opting to pay by direct debit, switching to an online tariff and becoming more aware of their energy consumption are three easy steps customers can take to reduce their bills significantly.’
You can also review the latest deals by visiting our best energy tariffs page.
Sources:
http://www.energychoices.co.uk/partner-40451/first-utility-knocks-british-gas-off-cheapest-deal-podium-25021002.html
http://www.confused.com/featured-articles/household/energy/energy-price-war-it-s-coming-2894930494
