‘This is a ghastly rise – get out quick’
Guy Anker, deputy editor at MoneySavingExpert.com, said: “A hike of £300+/yr is, quite frankly, ghastly. Everyone who took up the variable tariff, you can leave penalty-free, so the message is clear: get out quick.
“For those customers told in welcome emails their deal was fixed, Economy Energy must honour the fix and not put prices up for them. The fact it’s now gone quiet is shambolic but we will continue to press it to keep its verbal pledge so no one who got this email ends up paying more.”
What do I need to do?
Though Economy Energy has told us it will honour the tariff as a fix, it hasn’t answered our follow-up questions, or confirmed it in writing.
The best thing to do is to find your welcome letter and check if it states the tariff is fixed, and shows you the date until when the price is guaranteed, and challenge the rise – through its complaints process if necessary.
Check your emails for this document. It was sent from Economy Energy (firstname.lastname@example.org) with the subject line ‘Welcome to Economy Energy’.
We’ve seen a few MoneySavers successfully challenge the hike. One was told by an Economy Energy staff member: “Please accept my apology, we will be honouring the variable Switch Saver tariff as a fixed rate specified on your welcome pack to you until the date specified, this is only fixed tariff rates not fixed direct debits.”
Why was I told it was fixed?
The tariff was listed as a variable tariff on application, so consumers should have known they were signing up to a tariff where the rates could go up or down at short notice.
However, after switching to the tariff some people were told that it was, in fact, a fixed deal with a specific end date.
Information from one MoneySaver shows the firm told them it was a fixed tariff, with the price guaranteed until 4 June 2019 (see above) – and we’ve seen similar evidence from others.
Some have forwarded copies of notices sent to them of the scale of the increases. The example below shows one MoneySaver being hit with a combined hike for electricity and gas of more than £360.