Energy supplier So Energy has retracted its recently unveiled fixed tariff, just days after its announcement.

The tariff, priced at £2,047 for a 12-month period, was poised to offer customers a £27 reduction compared to the upcoming price cap scheduled to take effect in July.

Initially heralded as a cost-effective option for energy consumers, the fixed tariff’s withdrawal was attributed to “unforeseen increases in wholesale energy prices”.

So Energy cited the significant and volatile surge in wholesale prices as the determining factor behind their decision.

Previously, it had been reported that the discounted tariff would be exclusively available to a select number of new customers via the popular comparison website Uswitch.

A So Energy spokesperson told Energy Live News: “The wholesale prices have increased significantly over the past few days and continue to be volatile, therefore we have chosen to withdraw the live tariff from sale today.

“We’re monitoring the situation and may offer it for sale once again if market conditions stabilise.”

Article source: https://www.energylivenews.com/2023/06/16/deja-vu-wholesale-price-surge-triggers-supplier-to-pull-back-new-fixed-tariff/