Energy Price Hike - Customers Fight Back

CHESTER, England, June 14, 2011 -

Consumers take action to save
money - 1,264 per cent uplift in energy switches
through moneysupermarket.com
Bill payers can save £382 a year by moving to cheapest
‘fixed‘ deal
Apathy will cost consumers dearly

British bill payers are reacting to the latest energy price hike
news by taking control of their finances and seeking ways to save
on their energy costs, says href="www.moneysupermarket.com/">moneysupermarket.com.

Britain’s number one comparison site has seen a big increase in
people switching to a better value energy deal following energy
giant Scottish Power’s price hike announcement. From August
1^st 2011 the cost of standard gas will increase by 19
per cent and the cost of standard electricity by 10 per cent,
adding an extra £180 to customers’ annual bills.  This price
move has sparked savvy switchers in to action and
 moneysupermarket.com’s energy comparison tool has seen a
whopping 1,264 per cent uplift to the number of customers swapping
their energy tariff^[1] compared to
the days leading up to the announcement.

Apathy will cost consumers dearly; bill payers languishing on
their supplier’s standard tariff could save up to £382 a year by
swapping to the current cheapest fixed deal - the Fix Saver v2
tariff from EDF Energy, at £1,009 a
year^[2]. Furthermore, if all bill
payers moved to the best fixed deal, we could not only save £2.3
billion collectively^[3] as a
country, but would freeze energy outgoings until September
2012.

Scott Byrom, utilities manager at href="www.moneysupermarket.com/gas-and-electricity/">moneysupermarket.com
said: “Customers are certainly taking a stand against energy
price hikes; a crucial move as apathy certainly won’t be
rewarded.  The Scottish Power price rises will
affect 2.4 million households. On a national scale this adds an
extra £420 million to Scottish Power customers’ annual
bills.

“This increase has really ignited our customers to act and get a
better deal before any further price increases are announced. Now
really is the time to get on to the best priced energy tariff for
your usage level and area you live. Bearing in mind historical
energy market price rises, it’s highly likely the other energy
providers will follow suit. In the face of rising prices, opting
for the market leading fixed product Fix Saver v2, from EDF Energy
with average bills of £1,009 is the best way to safeguard against
further price increases from the energy giants.

“Shopping around using a price comparison site for the best
value energy product is vital and I urge everyone worried
about the cost of their bills to act quickly as the best priced
products are unlikely to be available for long.  The more
of us who switch to a better deal the more suppliers will need to
compete for our business.”

Notes to Editors:

^[1]1,264 per cent uplift in
energy switches on Wednesday 8^th June 2011, compared to
the daily average for 1st - 6th June 2011.

^[2]Standard, fixed and
online / best energy tariffs

NEW CONSUMPTION
LEVEL

British Gas: average standard tariff (£1,096.75), average
online/best tariff (£954.59 Web Saver 12), fixed tariff (£1,217.41
Fixed Price June 12).

EDG Energy: average standard tariff (£1,118.28), average
online/best tariff (£940.49 Online S@ver 10), fixed tariff
(£1,009.05 Fix Saver v2).

E.ON: average standard tariff (£1,122.83), average online/best
tariff (£964.97 SaveOnline v7), fixed tariff (£1,126.05 Fixed Price
v5).

Npower: average standard tariff (£1,148.98), average online/best
tariff (£973.28 Sign Online 22), fixed tariff (£1.013.80 Go Fix
6).

Scottish Power: average standard tariff (£1,391.21), average
online/best tariff (£932.10 Direct October 12), fixed tariff
(Platinum Fixed Energy 2014).

Scottish & Southern: average standard tariff (£1,094.11),
average online/best tariff (N/A), fixed tariff (N/A).

Average: average standard tariff (£1,162.03), average
online/best tariff (£953.09).

Sourced by www.moneysupermarket.com 09.06.2011

^[3]We know from Ofgem data that
58 per cent of gas customers have never looked for a better deal,
with 57 per cent of electricity customers remaining apathetic.
Therefore, of the 27 million households in the UK, at least 15
million have never moved away from their incumbent gas or
electricity supplier.

href="www.ofgem.gov.uk/Sustainability/SocAction/Publications/Documents1/Ipsos-MORI%20switchingsurvey2009.pdf">
www.ofgem.gov.uk/Sustainability/SocAction/Publications/Documents1/Ipsos-MORI%20switchingsurvey2009.pdf

£1162.03 - £1009.05 (average cost of standard - best priced
fixed) = £152.98 (£153)

£153 x 15,000,000 = £2,295,000,000 (£2.3bn)

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Nicki Parry
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href="mailto:nicki.parry@moneysupermarket.com">nicki.parry@moneysupermarket.com

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