As the increased cost of gas and electricity continues to rise in the UK, putting the squeeze on customers already struggling with the credit crunch, customers are being urged to safeguard themselves against future price hikes by fixing their energy tariffs now. Despite record price hikes over the last six months gas and electricity bills are still expected to rise over the next twelve months as the wholesale cost of gas and electricity continues to rise – doubling since 2007. Many energy insiders predict that gas and electricity prices could even rise a further 40% in the next year, bringing the average household energy bill up to a crippling £1,467, a total increase of 61% in just one year. While consumers are being urged to take measures to cut their consumption of energy wherever possible, the fact remains that the UK needs to get used to paying more for their gas and electricity. As a result of the increased cost in utility bills, money experts argue that customers should cap their bills now while they can, in order to guard against future hikes. British Gas is one of the few remaining companies that are offering a capped rate, but with energy prices set to hit new highs in the coming months, it is likely to work out cheaper in the long run for customers to secure a fixed could still be worth capping at the top end price. “With prices jumping up and with providers such as Scottish Power already pulling attractive fixed tariffs from the market, these fixed rates are unlikely to hang around for long. I advise Brits to act now.”

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