Toto Energy customers face steep bill hikes over the next few weeks – with some to soar by an eye-watering 25%. But you may be able to leave penalty-free if hit.
The small supplier has admitted via a statement on its website that "the price you pay for our variable tariff is increasing". Some hikes will hit on Friday 22 December, others on Tuesday 2 January.
MoneySavingExpert.com has seen letters sent to customers saying bills could rise by as much as 25%.
While we're still trying to nail down full details from Toto, it has told some customers on its '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:
- Some 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. MoneySavers on this tariff have received letters telling them their rate will increase, so we know it's affected.
- 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 MAY 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 Toto has withdrawn its old standard variable tariff and replaced it with a new, more expensive one.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 may not be moved across and so may not see bills rise as a result – but it's not clear if this is the case or what's happening to those customers instead, so we're checking this with Toto.
- 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 have seen letters from two of our Cheap Energy Club users showing the old and new rates for Toto's Variable Saver tariff – and these suggest the average increase for a typical dual-fuel (ie, gas and elec) user in some areas could be as much as 25%.
- A user in the Eastern region was told their bill would go up 35%. Based on the unit rates and standing charges quoted in the letter, we calculate a typical dual-fuel user in the Eastern region could see their annual bill rise from £847/yr to £1,055/yr – an increase of nearly 25%.
- A user in the East Midlands region was told their bill would go up 29%. Again, based on the unit rates and standing charges in their letter, we calculate a typical dual-fuel user in the East Midlands region could see their annual bill rise from £841/yr to £1,052/yr – an increase of 25%.
'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."