Are you paying too much for your gas and electricity? If you’re on a variable energy tariff, chances are you’re paying an average of £235 a year more than you should be. This is why First Utility, the UK’s largest and fastest growing independent energy company, is calling for variable energy tariffs to be scrapped.
Up to 70% of customers with the Big Six energy companies (British Gas, npower, E.ON, EDF, Scottish Power and SSE) are overpaying by an average of £235 a year when compared to the cheapest fixed price energy tariffs on the market. This means the UK is currently paying £3.4 billion too much for its energy.
Research commissioned by First Utility shows that:
- 80% of UK energy bill payers would find it useful for more information about cheaper tariffs from their existing supplier and those from others in the market.
- 80% said more transparent bills and more information about the best gas and electricity tariffs available would increase their level of trust in energy companies.
First Utility’s Scrap the Variable campaign
First Utility wants to shake up the UK energy industry so it works for the better. This entails:
- Scrapping the standard variable energy tariff and replacing with an ‘out of contract’ tariff that better reflects near-term wholesale costs.
- Providing information to customers about cheapest gas and electricity tariffs on the entire market on a monthly basis.
First Utility CEO Ian McCaig said: “First Utility believes that the industry needs to change from within and do more to inform and support customers to help them make informed choices about the best tariff.
A big step would be to scrap the standard variable tariff and call it what it is – the ‘Out of Contract Tariff’ i.e. the tariff you’re left on when you’re not on one of the good ones!”
Find out more about the First Utility Scrap the Variable campaign.
Switching energy companies or tariffs
If you’re on a variable energy tariff and want to switch and save, you’ll be pleased to hear it’s easier than you might think! Take a look inside our comprehensive guide to how to switch energy supplier and discover the government’s new Power to Switch campaign for more on the benefits of switching.
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
Latest posts by Silversurfers Editor (see all)
- by Barbara Wooldridge - October 25, 2016
- Ever Fancied Owning Your Own Racehorse? - October 25, 2016
- Discover the gems of the Middle East - October 25, 2016
- Ace acers by Lynne Turner - October 24, 2016
- Regain control over your electric heating with Dimplex Quantum - October 24, 2016