As prices continue to soar pushing energy companies and customers over the brink, options for cheaper tariffs evaporate.
Research from Cornwall Insight using data compiled by Comparison Technologies has shown the average price of the cheapest ten fixed price tariffs in April was £3,685 a year, £1,714 more than the current default tariff cap.
The research, which looked at deals for new direct debit customers, shows that despite the price cap increase in April, suppliers’ standard variable tariffs remain the cheapest tariffs available for customers.
The authors of the report noted a year ago, in April 2021, the cheapest ten fixed tariffs averaged £937 a year.
The high prices have seen a 52% increase in the number of customers now in debt to their supplier, with six million households owing an average of £188.
The consultancy had previously predicted the default tariff cap will rise “significantly” in October.