UK Money News
28th July 2008
Brits urged to act now to secure capped rate energy tariffs
Britons have been urged to act now to limit the impact of hikes to energy tariffs or face further strain on their finances.
Fool.co.uk issued the warning to consumers in the wake of the announcement from EDF Energy that it is to hike gas and electricity tariffs by 17 per cent and 22 per cent respectively.
This would bring add a further £190 to the average family's annual energy bill.
However, according to David Kuo, head of personal finance at the site, consumers can limit the impact of the hike by opting for a capped rate deal now.
He said: "We again urge customers to switch to capped-rate tariffs, and to choose one that lasts the longest.
"According to energy comparison website Xelector, household energy bills will be 50 per cent more expensive by February 2009, while capped-rate tariffs are currently around 15 per cent higher."
He added: "Consumers rarely get a chance to outwit the utility companies, but failing to switch to a capped-rate deal is tantamount to lighting your boiler with five pound notes."
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