Compare Market Disables Energy Comparison Tool Due to Lack of Cheap Deals


The comparison website said it was no longer able to provide energy quotes because there were too few offers. It comes as energy providers rushed to withdraw fixed rate tariffs due to increased wholesale costs

Energy experts have frozen the switch tool used by customers to search for the best deals on the market

The surge in prices led some gas and electricity suppliers to remove their tariffs from comparison sites over the past week.

Only three small energy companies are currently offering offers on GoCompare, with Compare the Market completely suspending its service.

A spokesperson said: “We will resume the energy comparison as soon as we can be sure that we can offer a true comparison to customers.”

Jane Lucy of Switching Site Labrador said, “These vendors may not come back to market for months. We will now ask customers not to change.

The lack of deals is due to a surge in demand for gas and electricity which has seen energy prices climb 11 times above normal levels in the past fifteen weeks.

Energy prices hit record highs


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In order to meet demand, the UK has been forced to start up two old coal-fired power plants to help secure electricity supplies this week.

The surge in wholesale prices has also put pressure on some small energy suppliers.

People’s Energy and Utility Point, which together had more than 500,000 customers, ceased operations on Tuesday. A total of five suppliers have collapsed since August 1.

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In a catch 22 for customers, households are urged to drop by to avoid falling victim to these rising costs.

Ofgem is increasing its ceiling price for the standard fare and other default offers by £ 139 per year from October 1.

The typical gas and electricity customer is likely to see their bill increase by £ 139 to £ 1,277 per year from next month.

Price caps limit the amount that businesses can charge customers on standard variable rates.

Households have also been warned that the cap could rise by a further £ 280 next year to mark the 60% rise in wholesale prices.

Joe Malinowski, of, said wholesale gas prices have risen 68% in the past five weeks, while costs have risen by about 324% over the same period. last year.

“He said data from Germany shows wholesale electricity prices are up 66% and 174% year-on-year.

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Mr Malinowski added: “The simple calculations imply that as it stands the next level of the cap will rise from around £ 275 to £ 280.” This would raise the energy price cap, when it is next reviewed, and raise it, on April 1, 2022, to around £ 1,555.

“To put this in context, standard price-protected tariffs would be 50% higher than they were two years ago.”

If you shop around, MoneySavingExpert has a cheap energy club that can help households find better rates. Who? and uSwitch also both have a number of vendors on their comparison tool.

Why do i need a cheaper offer?

At the end of a fixed-term energy contract, you will automatically revert to your energy supplier’s standard tariff, which is the most expensive type on the market and the tariff plans affected by the energy price cap .

If you haven’t changed in a while, chances are you are paying the standard rate and can see a substantial saving by ditching your provider, which is why you should look for a fixed plan.

With prices at an all time high right now, you might want to consider a tariff with no exit fees, if you want to go further afield if prices drop in the future.

Keep in mind that while it is possible to talk to your existing supplier about a cheaper deal, there could be even greater savings elsewhere.

Regulator, Ofgem estimates that a typical household will save around £ 280 by switching.

Check out our guide on how to change and save on your energy bill, here.

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