Compare the Market switches off energy comparison tool due to lack of cheap deals

Soaring prices have led some gas and electricity suppliers to pull their tariffs from comparison websites in the past week.

Just three small energy companies are currently offering deals on GoCompare, with Compare the Market pausing its service altogether.

A spokesman said: ‘We’ll resume energy comparison as soon as we can be confident we can offer true comparison for customers.’

Jane Lucy, of switching site Labrador, said: “These suppliers may not return to the market for months. We will now be instructing customers not to switch.”

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

© Getty Images Energy prices have hit a record high

In a big to keep up with demand, the UK was forced to fire up two old coal power plants to help guarantee electricity supplies this week.

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

People’s Energy and Utility Point, which had more than 500,000 customers between them – stopped trading on Tuesday. In total, five suppliers have collapsed since August 1.

Are you having an issue with your energy provider? Get in touch: mirror.money.saving@mirror.co.uk

In a catch 22 for customers, households are being urged to switch to avoid falling victim to these rising wholesale costs.

Ofgem is increasing its price cap for standard tariff and other default deals by £139 a year from October 1.

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

The price cap limits the amount that companies can charge customers on standard variable tariffs.

Households have also been warned the cap could rise by an extra £280 next year to mark the 60% uplift in wholesale prices.

Joe Malinowski, of TheEnergy- Shop.com, said wholesale gas prices have risen 68 per cent in the past five weeks, while costs are up an estimated 324 per cent on this time last year.

“He said data from Germany shows wholesale electricity prices have risen 66 per cent, and are up 174 per cent year on year.

Are energy prices out of control? Let us know your thoughts in the comments below

Mr Malinowski added: ‘The simple maths implies that, as things stand, the next level of the cap will increase by around £275-£280. This would take the energy price cap, when it is next reviewed, and increased, on April 1, 2022, to around the £1,555 mark.

“To put that into context, price-protected standard tariffs would be 50 per cent higher than they were two years prior.”

If you’re shopping around, MoneySavingExpert has a cheap energy club that can help households find better rates. Which? and uSwitch also both have a number of suppliers still on their comparison tool.

Why do I need a cheaper deal?

When any fixed term energy deal ends you will automatically revert to your energy supplier’s standard tariff, which is the most expensive kind on the market and the price plans hit by the energy price cap.

If you haven’t switched in a while, it’s likely you’re paying the standard rate and that you could make a substantial saving by ditching your supplier, hence why you should shop around for a fixed plan.

With prices at a record high right now, you might want to consider a tariff with no exit fees, should you want to leave further on if prices fall in the future.

Remember, while it’s an option to speak to your existing provider about a cheaper deal, there might be an even bigger saving elsewhere.

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

See our guide on how to switch and save on your energy bill, here.

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