Essex Energy Switch auction result impacted by rising costs in energy market
The Essex Energy Switch auction was held on Tuesday 12 October. iChoosr, the organisation that runs the Energy Switch, has decided not to send tariff offers to residents following the auction.
All the fixed rate offers at the auction were much higher than the Standard Variable Tariff (SVT) price cap set by Ofgem. This means they were all higher than what residents currently pay for their energy.
As none of the offers would have helped residents save money, iChoosr chose not to accept any of them.
iChoosr recommends that you do not switch your energy tariff at the moment. We are in the unusual situation where you are likely to get the best value if you remain on your current tariff. If you do need to switch, the best deals are SVTs for the first time ever. This is likely to be the case at least until the price cap changes again in April 2022.
The result of the Essex Energy Switch auction reflects the current energy market. The last year has been very unusual, with wholesale energy prices now at a 10 year high. While SVTs are limited by Ofgem’s price cap, fixed rate tariffs have risen above it.
The aim of the Essex Energy Switch is to help you save money on your energy bills and make sustainable choices. Since the scheme launched in 2014, it has helped more than 21,000 people across the county save on their energy bills.
You may have seen similar advice not to switch from price comparison sites and other services.
If you registered for the Essex Energy Switch, you will be contacted by iChoosr with the option to roll your registration over to the winter scheme. iChoosr will keep you informed throughout the winter and before the next auction in February 2022.
You might be able to save money on energy costs with other schemes and initiatives.