Key answer
Cheapest means the lowest suitable total cost
Calculate unit charges and standing charges with your annual consumption, then add known fees and identify variable costs. Compare the same term and start date. Treat claims about the UK’s cheapest supplier cautiously unless they use current, supply-specific quotes.
Why headline rates mislead
A supplier can pair a low unit rate with a higher daily charge. That structure may work for a high-use site but cost more for premises that consume little electricity. Contract length and excluded pass-through charges can also change the apparent ranking.
Price tables are useful for orientation when they show a date, data source, consumption assumption and tax treatment. They cannot replace an actual quote.
- Convert all pence figures into one annual estimate.
- Check whether broker commission is included.
- Do not treat omitted charges as zero.
- Consider the financial effect of the contract term and exit conditions.
A safer way to shortlist
Seek comparable offers in a short time window, check them against the current contract and retain the written terms. Once cost differences are visible, consider service and contract risk before selecting the lowest suitable option.
Sources
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Next step
Test two quotes against your usage
See which offer has the lower estimated annual cost.
Current prices
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