Since the Ofgem price cap was brought back, many suppliers have offered fixed deals which were previously unavailable.
Ofgem’s price cap has replaced the Government Energy Price Guarantee which set maximum consumer prices from October 2022 to June 2023.
The average household energy bill will fall by £426 a year from July 1 after Ofgem cut its price cap.
Ofgem cut its energy price cap from £3,280 to £2,074.
The change comes as a relief for customers who saw typical bills soar over the past few years, increasing from £1,271 a year in October 2021.
This means energy prices will fall for the first time in around 20 months.
The energy regulator Ofgem has urged customers to “think before you fix” as more deals come back to the market.
In a tweet, it said: “With the lower #PriceCap figure, fixed-rate energy tariffs might appear back on the market, but check if they are right for you.
“Prices are still unpredictable & signing up for a fixed rate now might mean you miss out if prices fall.”
Here’s a list of all of the current fixed-rate deals on the market, as highlighted by Martin Lewis’ MoneySavingExpert.com.
List of fixed-rate energy deals on the market
British Gas
Big hitters in British Gas are offering two brand-new fixed-rate offers at the moment – one respectively for new customers and the other for loyal, existing users. The Smart Fixed v1 paves the way for new customers, while the Smart Aug24 v1 is available for existing punters.
They’re both set at £2,099, and customers must have a smart meter installed to make the most of it.
There’s also a slightly larger early exit fee of £200 that comes with both tariffs.
E.ON Next
E.on Next is offering a one-year fix at an average of £2,006 per year for existing customers, under its Next Loyalty Fixed v4 tariff. Existing customers whose deals ended or ended between December 26, 2022, and August 14 2023, are allowed to sign up.It also carries a £150 exit fee.
Ovo Energy
Ovo’s one-year fix is only available for existing customers, locking them into an average bill of £2,099. However, it comes with a £150 early exit fee.
Octopus Energy
Octopus are meanwhile looking after their existing customers by offering a Loyal Octopus tariff with an average of £2,100 per year. Again the cancellation fee is £150.
Utility Warehouse
Utility Warehouse currently offers consumers a fixed rate deal of £1,974 per year with the Fixed Saver 1 tariff. The deal is available for both new and existing customers, but you’ll have to have at least two other services with UW like broadband, mobile, or boiler and home cover to make the most of it.
The early exit fee stands at £150.
So Energy
The So Juniper tariff from So Energy gives an average bill of £2,047 per year for a typical household and is wide open to both new and existing customers. The kicker is that you can only access the deal through So Energy. And if you change your mind mid-contract, the early exit fee is £150.
EDF
Finally, EDF Energy is offering a 12-month fixed rate tariff with an average bill of £2,100, in the Essentials Exclusive tariff. It’s only open to current EDF customers though, and you’ll need a smart meter installed if you haven’t already got one.
It’s £150 to cancel once more.
