Energy: Find the cheapest supplier & earn cashback

Hengus wrote: »

. . . It is worth remembering that provided energy accounts are monitored closely by the consumer, then the consumer holds all the cards . .

If only that were true.

No matter how diligent you may be with meter readings, it is the supplier who hold all the cards if you are on a fixed contract. They have your credit balance to start with. If you want to switch there is often the prospect of early-termination fees to pay. If you are in debit on your account then they have the option to object to a switch, anyway.

You can avoid some of these pitfalls by choosing only tariffs without exit fees but it can be an uphill struggle to settle on a reasonable direct debit payment and, again, to get a refund if you have an excessive credit balance. The big six are better at refunding credit balances but you tend to pay more for the energy from them.

@anneliese123
Solarplicity thread thread is at https://forums.moneysavingexpert.com/showthread.php?t=4415855

Just moved from EoN to EDF energy for my prepayment Gas & Electricity. Based on current usage (yearly figures) I will save £35 a year & also I have claimed £52.50 cashback via TCB.

anneliese123 wrote: »

Thank you , not great feedback .
Am struggling to find information ref different Utility Companies , if anyone can help ?
I've called a few Comparison Companies Ie Energyhelpline and Uswitch , also checked Martin
Lewis Energy Club , they all seem to give different Comparisons .
Any recommendations as to which Comparison Sites are reputable please ?

All 3 sites mentioned are are reputable.
You could try the Citizens Advice Bureau comparison site https://energycompare.citizensadvice.org.uk/

What do you mean by different comparisons?
You need to enter your annual energy used in kWh and just look at the total annual cost. You can get this figure from your previous bills and annual energy statement.
Ignore any savings the comparison website claims, just concentrate on how much it will cost for the next year.

From today's Telegraph:

Half of Britain’s energy suppliers face an existential risk after the “Beast from the East” tore through the balance sheets of the industry’s small players.

Thousands of energy customers could be left in limbo due to a high risk that around 10 of the most fragile suppliers are on the brink of going under.

Many hundreds of thousands more bill payers face the risk of sudden !energy tariff hikes because almost 40 suppliers may be forced to squeeze their customers to survive.

If there's any truth in this story it highlights the desirability of going for a company with a sound balance sheet - you won't lose money if your energy company collapses, but it may be messy and you will lose your cheap deal until you can find a replacement.