Co-Operative Energy wins Big Switch auction
Co-Operative Energy has won the first Which? Big Switch reverse auction, according to an article published by This Is Money.
However, despite the victory, just 10 per cent of those signed up - 30,000 - Â for the Big Switch scheme will be able to switch to the winning tariff.
As result 20,000 customers, paying by Direct Debit, could pay an average yearly rate of Â£1,048 for both gas and electric; while another 10,000, paying by cash or cheque, could pay an average annual rate of Â£1,144. The customers taking up these deals will be locked into the fixed rate deal for 12 months.
The remaining 260,000 people signed up to the Big Switch are set to be offered the "next best" deal. One of the big six energy companies, EDF Energy, will offer the Blue +Price Promise deal - which would see an average annual bill cost just Â£6 more than Co-operative Energy's winning tariff, at Â£1,054.
Customers will be offered the winning tariff on a first-come-first-served basis.
Latest gas and electricity news brought to you by UK Power - the energy price comparison site.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.