As fixed energy deals expire in the coming days, 413,000 UK households are set to face higher energy bills unless they take action. Customers who fail to switch to a new fixed-rate <\/strong>deal will be automatically transferred to their supplier\u2019s standard variable tariff (SVT), a move that could result in an additional \u00a3313 in charges.<\/p>\n\n\n\n
The warning comes at a time when many households are nearing the end of their current fixed-rate contracts, which were secured in the spring of 2024. While switching energy tariffs is relatively simple, this automatic transfer could catch many consumers unaware, potentially leaving them with some of the most expensive energy prices on the market.<\/p>\n\n\n\n
Fixed-rate deals, typically more affordable than standard variable tariffs (SVTs<\/a>), are set to expire in the next few days, according to industry reports. If customers do not proactively switch to another fixed-rate deal, they will be automatically rolled onto the SVT, which is often the most costly<\/strong> option for energy consumption.<\/p>\n\n\n\n
Under the Energy Price Cap, which is regulated by Ofgem<\/a>, the unit rates and standing charges are capped, but these capped tariffs are typically less competitive than fixed-rate deals. Energy experts, including Money Saving Expert, have warned that this automatic transition could result in a \u00a3313 increase<\/strong> for those who do not act quickly.\u00a0<\/p>\n\n\n\n
The SVT is a default tariff offered by most UK energy <\/a>suppliers and is generally considered to be the most expensive energy plan available. It is typically applied when consumers have not chosen a specific deal or if their previous fixed-rate contract has expired without action.\u00a0<\/p>\n\n\n\n