2018’s energy market is certain to chart unexpected waters in the UK. Competitive markets are at each other’s throats with increasing energy prices seemingly in response to the recent advancements towards the energy price cap bill which could make things problematic for energy suppliers but beneficial to consumers who are facing the pressures of the fluctuating prices of energy in the market. Lots of customers have decided to make a switch in their energy suppliers in light of recent events and they’re not wrong to try something new to find cheaper and more affordable services. Here are a few things to consider before you too decide that it’s time to make a switch.
Keep an eye on the news
A brief rundown of the current energy market is that big name energy suppliers are steadily increasing their prices. It’s not wrong to say that as the year goes by, the global economy has been experiencing a steady increase. The cost of living is getting more expensive by the day and energy prices are far from safe from the consequences of this.
Just a little over a few months ago, British Gas made a 5.5% increase in their fuel and electricity prices. It’s not new for them to make a publicly unfavourable business decision considering news of their business plan came out about firing 4,000 people by the end of 2020. But two more companies are right behind British Gas, namely EDF and Scottish Power. They have unsurprisingly followed British Gas in its attempts to make the most of a bad situation in raising their energy prices by 2.7% for EDF and 5.5% for Scottish Power.
Weighing alternative options
With the advancements of the internet, there have been a number of options with regards to making the switch. However, it’s a lot harder to find which is right and which is true with all the data scattered on the internet. Still, it’s better than taking the company’s word for it when there are news sites, forums, and reviews online that deal with discussing the energy market’s current events.
If you’re really stuck in a rut, it’s never wrong to get a second opinion. Price comparison sites like https://www.utilitybidder.co.uk provide customers with a good quote of the market’s energy prices both on fuel and electricity prices of energy suppliers.
Remember your deadlines
Make a mental note of your service provider’s renewal period. Six months before your contract with a current supplier expires is usually the best time to secure a contract with another service provider. The benefit of making a switch is being able to haggle for a new business tariff at hopefully a better and more affordable price for you. Further developments in the energy market are sure to happen in the future so it’s best to get the best deal you can get as soon as possible before things take a turn for the worse.
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