'In a fix' over utility costs?

Some utility companies are offering fixed or capped rate deals for customers - to prevent the soaring costs of gas therms and electricity units from adding up to an expensive bill.

Customers should use a comparison site, however, to enter in their own meter readings to work out whether they should chose this option - because many of the online dual-fuel tariffs are still considerably cheaper despite current price rises - but also because there are penalty fees for changing from one system to another which might mean that if prices fell, you'd be stuck on the higher cost billing system for a months longer than you might like.

Scott Byrom, utilities manager at moneysupermarket.com said: "Fixing your energy tariff, could be an excellent option for those looking to protect their payments against future price hikes.

"However, there will be a premium to pay for this peace of mind. Brits looking to fix need to be comfortable with being tied to the tariff and the provider for the set period, otherwise they may face a cancellation fee. Customers attracted to a fixed price tariff should swap sooner rather than later - if other providers jump on the fixed deal band wagon the chances are they will not offer tariffs as favourable as those already on the market. Fixed products also look set to have limited availability so it's a case of first-come, first-served."

"Ultimately I urge people to keep abreast of the deals on the market and ensure they are on the best tariff for their usage, region and circumstances."

June 11^th 2008

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