Gas ringsWith energy providers warning of imminent price rises, now is a smart time to go for a fixed tariff.

In recent weeks a number of energy suppliers have been sounding ominous warnings of potential price increases occurring later this year. Accordingly, many households will want to fix their energy prices now to ensure they are shielded from any rises.

Cut your bills

British Gas sounded the first alarm warning in early May that prices might have to rise to offset the 15% increase in wholesale prices over the past year. Similarly SSE has said its prices will be on hold until at least October. Of the major suppliers, E.on is the only one to declare that it will not be raising prices this year.

Cut your bills



Currently the cheapest fixed rate tariff is the iSave Fixed V2 Sept 2013 from first:utility. This tariff carries an average cost of £1,047 annually for dual fuel and fixes prices until September 30, 2013. Following closely is EDF's Blue + Price Promise which averages at £1,054 per year for dual fuel, with prices fixed until September 2013.

So now could be the perfect chance to fix your energy prices for the next year, and keep yourself immune from any potential winter rises from suppliers.

Here is a table of the current cheapest available tariffs:

Supplier

Tariff

Average Cost

Average Saving*

Notes

1

first:utility

iSave v10

£1,027

£295

Cheapest tariff but not fixed

2

first:utility

iSave Fixed v2 Sep 2013

£1,047

£275

Fixed until 30 Sep 2013

3

EDF

Blue + Price Promise September 2013

£1,054

£268

Fixed until September 2013

4

ScottishPower

Online Energy Saver 19

£1,055

£267

Guaranteed to be 8.3% lower than ScottishPower's standard till 31 July 2013

5

Sainsbury's Energy

Online Price Freeze June 2013

£1,058

£264

Fixed until June 2013

* against typical bill of £1,345 per year as estimated by Ofgem. All costs are for a yearly average usage dual fuel household paying by monthly direct debit. Average usage defined by Ofgem as 16,500 kWh p.a. of gas and 3,300 kWh p.a. of electricity.

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