Energy bills will rise by hundreds of pounds within weeks after dozens of cash-strapped suppliers withdrew their cheapest deals because of surging wholesale prices.
Suppliers pulled their lowest fixed-rate offers yesterday while two other companies went bust earlier this week, leaving half a million customers to be moved to alternative suppliers by the regulator Ofgem.
The comparison site Compare the Market temporarily closed its energy comparison service last night because so few deals were available.
Using Compare the Market was not so simple today
Since the energy market was opened up dozens of small suppliers have battled to offer the lowest fixed-rate deals, while customers have been encouraged to switch regularly when their tariffs ended. Now most remaining tariffs sit just beneath or on the level of the government’s mandatory price cap, which limits