Energy supplier E.ON has announced plans to phase out the controversial standard variable tariffs (SVTs) from next year.
The company believes SVTs “have had their day” so they will no longer be the default option for customers coming to the end of their existing tariff.
They will instead have the option to “roll over” to the latest version of a fixed term contract.
E.ON’s existing standard tariff customers who have smart meters, or have arranged to have one fitted, will move to a new fixed term tariff with the same roll over option or the possibility to opt out and remain on an evergreen variable tariff.
The new fixed tariff will last a year and will have no exit fee.