The winter auction took place in February. Unfortunately suppliers were not able to bid with tariffs below, or even close to, the new Ofgem Price Cap which takes effect from 1st April. This means that after this auction iChoosr have been unable to secure tariffs that offer savings to participants. Their advice, as it was following the Autumn auction in October, remains the same: now is not the right time to switch.
The last few months, and indeed the last year, have been very unusual for the energy market, with persistently high and fluctuating wholesale prices.
Open market tariffs remain above both Ofgem's current Price Cap and the new higher Cap introduced from 1st April. The Price Cap limits what suppliers can charge on a variable tariff. As the market stands, there are no savings to be made by switching from a Standard Variable Tariff (SVT) to a fixed tariff.
We now find ourselves, once again, in a situation where the best advice for residents is to not switch. iChoosr understand this is disappointing but are confident that this is the right decision.
iChoosr's advice to residents is:
Residents are being advised to 'rollover' their registration details into the next available auction. By this time we, and suppliers, will see the impact of the new Price Cap and may be in a better position to secure favourable switching offers for participants.
Further information can be found on the Big Community Switch - Cambridgeshire Energy Switch website.
We have partnered with iChoosr to help residents save money on their energy bills.
The scheme works through 'collective switching'. It uses the combined buying power of local residents to negotiate directly with energy companies. So rather than switching provider and reducing your energy bill as an individual, people register to switch and save as a big group at the same time.
The more people who take part, the greater the chance of getting a better energy deal.
The rates are exclusive to residents switching through the scheme. They are not available direct from the suppliers or via price comparison websites.
You don't have to accept an offer through this scheme.
If you do accept an offer, the process is easy and straightforward. The new provider will take care of the whole process.
For more information, and to register for free, visit the Cambridgeshire Energy Switch website. A paper application form is also available to download.
Energy suppliers take part in auctions every few months. After each auction, you'll get a personal energy offer which you can choose to accept or not.