Major energy suppliers have decided to eliminate exit fees for customers with fixed energy deals.
A recent study found that energy bills for a significant number of households were surging above Ofgem‘s price cap, indicating an exceeding of the set limits.
Data analysis identified 274 fixed tariffs that resulted in energy costs surpassing the price cap.
While a small portion of customers can switch their energy provider without incurring any penalties, many others find themselves subjected to exit fees ranging from £50 to £400.
Utility Warehouse has confirmed to Energy Live News that they will waive exit fees for customers on the following tariffs: Green Fixed 39 (usually £150), Green Fixed 38 (usually £150), Green Fixed 37 (usually £150), Green Fixed 35 (usually £50), Green Fixed 34 (usually £50), Green Fixed 33 (usually £50), Green Fixed 32 (usually £50), Green Fixed 31 (usually £50) and Green Fixed 30 (usually £50).
Octopus Energy reached out to all their customers on fixed tariffs, which had previously been reduced by the Energy Price Guarantee (EPG), prior to 1st July.
They advised customers seeking the lowest-priced tariff to switch to their standard variable tariff (SVT) without any exit fees.
While some customers decided to switch to Octopus Energy’s SVT, others chose to remain on their fixed tariffs.
OVO took action for customers on fixed tariffs over £2500 by transferring them to the EPG last year. Rather than returning to the original fixed prices, OVO has chosen to retain their prices at the EPG level.
An EDF spokesperson told ELN customers who wish to switch to a different tariff are permitted to do so, as per the terms of their contract.
If customers have any inquiries regarding their contract, EDF encourages them to get in touch for assistance.
Internal tariff switches within British Gas have always been exempt from exit fees.
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