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Consumers should use caution when opting for fixed energy deals

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gasEnergy customers are being warned to be wary of choosing fized price energy deals ahead of expected price cuts next month.

Several of the main suppliers have announced they will be reducing prices if the chancellor confirms a change to green and social levies, but the future is unclear for the fixed price tariffs as most lock in customers for several years.

EDF has said that they will not be reducing those tariffs, although consumers can move without incurring any penalty should they choose to. They currently have over a million customers on fixed deals ending in 2015 and 2017.

Other companies such as Npower have agreed to reduce those tariffs accordingly, should the prices reduce, however British Gas have not commented on their plans, athough it did comment that any changes the government pass would be passed on to their customers.

Consumers are nevertheless advised to wait until after the Chancellor’s Autumn statement on 5th December before signing up for fixed-deals.

Kevin Pratt, an energy expert at MoneySuperMarket.com, said customers should make sure they can get out of fixed tariffs without paying charges.

 

“We think the fixed rates that don’t have exit fees are a sound proposition,” he said.

But customers “should look very closely at such deals”, he warned.

 

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