Utility Warehouse launches cheapest fixed tariff

Utility Warehouse has launched a fixed price energy tariff which will be £100 below the incoming price cap, making it the cheapest on the market.

It is the second time a retailer has unveiled a tariff below July’s price cap, with So Energy announcing its latest offer earlier this week.

The multi-utility provider’s Fixed Saver 1 tariff will allow customers to fix their energy prices at an average cost of £1,974, £100 below Ofgem’s Q3 cap.

Yet the deal is only available to customers who take energy as well as at least two other services provided by Utility Warehouse, such as mobile, broadband or insurance.

The company has a network of more than 60,000 Utility Warehouse Partners who recommend its services to their friends and family. In return, they earn an income for each customer they get to sign up to the supplier.

Utility Warehouse added that customers who sign up with a partner will receive a credit of £150 across all services by bundling together three or more products.

Stuart Burnett, co-chief executive of Utility Warehouse, said: “Our new fixed tariff is £100 below July’s price cap and the cheapest fixed deal on the market.

“As cost of living pressures continue to rise, this will give households peace of mind on their energy bills for the next 12 months.”

Despite falling wholesale costs resulting in a return to competition, there are concerns about consumers missing out on further savings if they rush to fix their costs now.

Robert Buckley, head of relationship development at Cornwall Insight, recently told Utility Week that consumers should be wary about taking fixed priced deals due to the volatile nature of the market.

He added: “While our cap numbers out for the next couple of quarters are below £2,000 at the moment, we have got no surety that that will continue,”