If you work in a frontline job, you know how unpredictable each day can be. That’s why having certainty in other parts of your life can be so important.
Unpredictable bills, for instance, can be a problem, which is why many choose to get a fixed deal. The advantages are never more relevant than when energy markets are volatile.
Recent global events have contributed to rising wholesale energy costs, which can have an impact on your personal finances.
Wholesale gas and oil prices have risen recently, partly due to concerns about disruption to global energy supply routes. The Middle East has a key role in global energy supplies and shipping routes, and disruption in the region could mean less energy will be available… which would potentially mean buyers having to pay more to secure the energy they need. UK wholesale gas prices have recently risen to levels not seen for some time, which could mean that consumers will end up paying more to heat and light their homes.
Petrol prices could also be affected, after already high oil prices jumped more than 10% at the start of the week. Rising fuel prices are another reason to review your household bills and look for potential savings.
If you seek out a fixed rate offer with a supplier, the price you pay for gas and electricity won’t rise during the length of your deal.
That’s not only a protection against rising prices, but it also helps you budget better as you know what the cost per unit of heating and lighting your home will be.
Energy companies can adjust or withdraw fixed rate tariffs at short notice, particularly at times of uncertainty in the market… and many comparison sites are reporting that almost 60 different energy tariffs have either been removed or repriced in the past three days.
The good news is there are still some attractive offers available, with many fixed rate deals lower than the current price cap AND lower than the next price cap, which comes into effect in April.
That depends on how much energy you actually use, but if you can track down a deal costing less than the current energy price cap, then you could pay less for your energy.
The cap limits how much you pay for each unit of gas and electricity that you use. It also sets a maximum daily standing charge: the amount you pay to have your home connected to the grid.
The price cap is set to drop by 7% from £1,758 to £1,641 on 1st April (although that is subject to change.) So, if you can find a fixed deal priced below the £1,641 average annual cap level, you could potentially pay less than the cap rate for the duration of your deal. Actual savings will depend on your energy usage, payment method and the specific tariff you choose.
This is where being a Blue Light Card member comes in handy. We have a variety of offers with selected energy providers – you can see them all here – and at a time when many of you will be thinking of switching tariffs, why not take advantage of exclusive Blue Light Card member benefits at the same time? Take a look at the deals we have for switching and you’ll see that there are gift cards worth up to £100 available when you switch.
Blue Light Card receives a commission when members switch via our partner links. Our offers are from selected providers and do not cover the whole market. We'd always recommend comparing deals across the market before switching.
Are you feeling the pinch on your bills and personal finances? Tell us about your specific concerns around rising bills and how you are being impacted – email us at yourstories@bluelightcard.co.uk
