In light of the government’s plans to introduce a cap on Standard Variable Tariffs, the Big Six suppliers are announcing an “End to the SVT” by moving customers onto fixed tariffs instead. However, research by Octopus Energy has identified this is yet another Big Six con.
As the table below shows, the Big Six are simply introducing fixed prices which are as expensive as their SVTs.
For British Gas, EON and SSE, they each have fixed tariffs exactly as expensive as their SVTs.
Scottish Power have fixed tariffs even more expensive than their SVT, whilst EDF’s is just £19 cheaper and Npower’s is £80 cheaper (although at £1,116 it’s still the fourth most expensive).
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Prices for London Region 8th October 2017 (Ofgem Typical Consumption medium home 3100kWh Elec, 12500 kWh Gas) |
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Supplier Name |
SVT |
Most Expensive Fixed |
Most Expensive Fixed Name |
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British Gas |
£1,119 |
£1,119 |
HomeEnergy Capped Nov 2018 |
|
EON |
£1,114 |
£1,114 |
E.ON Energy Fixed 2 Year v11 |
|
EDF Energy |
£1,184 |
£1,165 |
Connect+Control 1 Feb20 |
|
SSE |
£1,113 |
£1,113 |
Fix & Shop (Currys PC World) |
|
ScottishPower |
£1,173 |
£1,185 |
Fixed Price Energy October 2019 |
|
npower |
£1,196 |
£1,116 |
Super Fix March 2021 v2 |
Greg Jackson, founder of Octopus Energy, said:
“It’s disappointing that these companies are not embracing the opportunity to reduce energy costs but instead just finding new, even more deceptive ways of ripping customers off. Regulators and policy-makers need to see this for what it is.”
-Ends-
For journalists in their professional capacity only. Issued by Octopus Energy Ltd. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 09263424. Issued: October 2017.