UK households are being strongly advised to switch to fixed energy tariffs now, with potential savings of over £200. Customers of major suppliers like British Gas, EDF, EON, Ovo, and Octopus could benefit from locking in deals below the current price cap.
Ofgem’s current energy price cap stands at £1,641 annually for an average household on a standard variable tariff. However, the cheapest available fixed tariff—a 15-month deal from Fuse Energy—costs around £1,574 per year, according to Uswitch data. This means households could save approximately £225 compared to the expected cap hike in July.
Martin Lewis, the well-known BBC and ITV financial expert, took to X (formerly Twitter) to urge consumers: “GET OFF THE PRICE CAP IF YOU CAN. DON’T IGNORE THIS.” He highlighted the limited window to secure prices below the current cap and avoid significant increases when the new cap takes effect in July.
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Currently, some of the best deals include a 12-month fixed tariff from Outfox Energy at about £1,586 annually, shorter-term fixed deals from Fuse Energy priced below the cap, and a 24-month fixed option from EDF Energy at approximately £1,690.
Ben Gallizzi of Uswitch explains, “Fixed energy tariffs have been volatile recently due to global conflicts, but we’re now seeing prices drop below the cap again. Households should evaluate their options now—securing a fixed deal could save the average family 15.5% against July’s anticipated prices and offer protection throughout the winter.”
With the energy market remaining unstable and no guarantee how long these cheaper deals will last, experts emphasize acting quickly to avoid the forthcoming price hike.
Martin Lewis, who is 52 years old, has long criticized the energy price cap, often referring to it as the “pants cap” due to its limitations in protecting consumers effectively.