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Energy price warfare begins!

This morning Ovo energy announced the launch of their new £920 tariff, starting a price war with First Utility who hit back with a £919 tariff. Mark Todd, director of whole of market price comparison site, energyhelpline.com has made the following comments:

“An energy price war has well and truly begun with two of the UK’s smaller suppliers following in e.on’s footsteps today. The question is, how will the rest of the Big Six respond to this warfare – will they join Ovo, First Utility and e.on on the battlefield?

“There is now a whopping £407 saving up for grabs between the cheapest energy tariff and the average annual energy bill (£1326). Consumers can claim their victory and save their hard-earned cash by taking advantage of these price drops and switching today. But be warned - do nothing, stay on an average standard tariff, and you'll probably get fleeced.

“For too long, turning on the heating has become like emptying the entire contents of your wallet into the hands of your energy company. However, this price war could finally see the consumer coming out on top if the Big Six play their part in this rivalry. Most of the big energy companies are currently pocketing savings at the expense of their standard customers. It will be interesting to see if they now move to give their most loyal customers a break.

Additionally, the energy market has been thrust further into the spotlight following Ed Miliband’s announcement that his proposed price ‘freeze’ will now become a price ‘cap’ in the event of a Labour win this May. A price cap is exactly what we have been campaigning for all along. A price cap will be fairer to consumers and fairer to the industry by keeping the lights on but also stopping customers from being ripped off.”

 

Created: 20th Jan 2015, Last Modified: 7th Dec 2018, Switchomatic

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