Toto Energy customers face steep bill hikes over the next few weeks with some to soar by an eye-watering 22%. But you may be able to leave penalty-free if hit.
Update 11 Dec 2017: This story has been updated with new figures from Toto Energy on how its Variable Saver tariff is changing.
The small supplier has admitted via a statement on its website that "the price you pay for our variable tariff is increasing". It says it's hiking prices from 22 December - though some customers have been told the increase will happen on 2 January instead.
A typical dual fuel household which signed up to Toto Energy's 'Variable Saver' tariff before 9 November 2017 will pay a massive £196/year more, while a typical household which signed up after that will still pay an average £81/year more.
While we're still trying to nail down full details from Toto Energy, it has told some customers on the Variable Saver tariff that it will waive exit fees if they switch before the price rise hits. So if affected urgently do a five-min comparison via our Cheap Energy Club to see if you can save £100s/year.
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I've got a price hike letter from Toto what should I do?
- Find your annual usage on your Toto bill.
- Put it into our Cheap Energy Club to do a comparison.
- As Toto is yet to share the new rates with us, we can't tell you exactly how much you'll save. Instead, compare the results of the best new tariffs against the new projected annual cost in the letter Toto sends you.
- If you can switch and save, double-check that Toto will waive any exit fees.
Which tariffs are changing?
We've been chasing Toto Energy since Tuesday morning, but we still haven't been given full information on exactly what's changing, though you will hopefully know if you've got a letter. Here's what we know so far:
- Customers on its Variable Saver tariff WILL see prices rise. This is a 12-month fixed-term variable tariff so you're locked into the tariff for a year with £10/fuel exit fees, but the rates CAN change over that period. Toto changed the price of this tariff for new customers in November, so if you switched to it before 9 November 2017, duel-fuel prices will rise within the next month by a typical 22%. If you switched from 9 November onwards, there'll be an 8% rise on typical use.
- Those on the Smart Meter Saver and 100% Renewable Saver tariffs MAY see prices rise. These are also 12-month fixed-term variable tariffs, so it's possible these may also be affected, but we don't yet know for sure.
- Those on Toto's standard variable tariff SHOULDN'T be affected. This is a traditional variable tariff with no fixed period. Toto has withdrawn its old standard variable tariff and replaced it with a new, more expensive one. We understand from Toto that customers on its old standard variable tariff won't be moved across and so may not see bills rise as a result but it's not clear what's happening to those customers instead.
- Customers on fixed and prepay tariffs AREN'T affected. If you're on a fixed tariff (ie, with a fixed rate, NOT a fixed-term variable tariff), your bill won't change. Nor will it if you're a prepayment customer, according to Toto's website though if you've heard differently let us know.
How much are prices going up?
Again, we don't know the full scale of the price changes as we've said, we're chasing Toto Energy and will update this story when we hear back.
However, we've now the seen the new rates for Toto's Variable Saver tariff - though the size of the hike depends on when you switched the tariff.
- Switched to the tariff before 9 November 2017? Based on typical use dual-fuel prices will rise from £877/year to £1,073/year - a 22% hike. Gas is set to rise by a massive 33%, while electricity will rise 14%.
- Switched from 9 November 2017 onwards? A typical user will see dual-fuel prices increase from £992/year to £1,073/year, a rise of 8%. Gas will rise by around 10% and electricity by 7%.
'A step we have taken reluctantly'
We've yet to hear directly from Toto Energy, but a statement on its website says: "It's a step we have taken reluctantly and want to assure all our customers that we are working hard to be as efficient as possible, deliver great service, and help you keep your energy costs down.
"As a small supplier, we do everything we can to minimise cost and pass the savings on to customers. But wholesale energy costs have increased this winter, and unfortunately we have to keep up. You matter to us we don't take changing your prices lightly."