UK energy supplier cites more than 700 deals above price cap

UK households are citing fixed-price electricity and gas contracts of over £2,000 per year, reaching this level for the first time in at least a decade as wholesale gas prices continue to soar.

Companies including Eon, Ovo Energy, Outfox Market and So Energy rose to £1,277 in early October with 11 million households.

Energy suppliers said their average usage-based deals more accurately reflect the current cost of supplying electricity and gas to homes.

The price comparison site says it is now in an unusual position to advise consumers not to switch to new fixed deals and to stick to tariffs protected by price caps. Some price comparison companies have stopped their energy comparison services because there were few deals offered.

“We’re advising people to keep quiet,” said Richard Neudegg, head of regulation at price comparison company uSwitch.

Neudegg adds that he has never seen such high-priced fixed-price trades recently, adding, “It’s not surprising given the unprecedented level of wholesale gas prices and the important futures markets that heavily influence the cost of these trades.”

One of its rivals, comparemarket.com, resumed its energy comparison service, which was suspended on Monday, on Monday, but only displaying consumer tariffs protected by price caps.

Comparemarket.com said, “At this point, we urge people to carefully check their trades before making any corrections.”

Some cheaper fixed deals are still available, but one large supplier says more deals will rise to over £2,000 per year in the coming weeks.

Ofgem data dating back to 2009 shows that the average household double electricity and gas bill from a large supplier peaked at £1,286 in 2013.

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It has protected households from the worst market surge ever since the price ceiling, which under normal circumstances could be hundreds of pounds more expensive than a fixed transaction, is calculated using wholesale prices several months later.

But analysts expect a sharp rise in the cap above £550 unless the government intervenes before Ofgem’s next review early next year.

Some suppliers have called for price cap reforms so that wholesale costs can be passed on faster than the current system when regulators only review once every six months.

UK long-day gas prices rose again to £3 on Tuesday, reflecting a similar move across Europe, amid renewed fears among traders over fuel supplies critical for heating and power generation ahead of winter.

Ten UK energy suppliers who have so far been unable to withstand market shocks due to record wholesale prices have collapsed since early August, with more supplier failures expected in the coming weeks.

Eon, So Energy, and Ovo declined to comment. Outfox Market did not respond to a request for comment.

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