Important: If you can get off the Energy Price Cap right now, you should & urgently!
- The wholesale gas rate is spiking due to the Iran conflict, and it is a prime driver or UK elec prices. If that's sustained (big if), it will likely push the Price Cap rate up from July
- Some of the cheap fixes from before the weekend haven't (yet) been pulled, so you can still lock in a rate at around 14% less than the current Price Cap, both saving you money and giving peace of mind that the rate can't rise. You can do a whole-of-market comparison via https://t.co/0hXzWBbz5g
- However, many firms are reassessing their fix prices today and may reprice their deals upward. There's a risk many of the current cheapest fixes will be gone by this time tomorrow
- Plus, fix now, and unprecedentedly the rate you lock in at will be reduced on 1 April. This is because govt is changing the underlying way energy bills work and moving some policy costs to general taxation. That reduces the elec & gas unit rates even for those already on fixes. So even if you fix now the amount you pay will drop by 7% to 9% on typical usage on 1 April
- Fixes are available for most payment methods except prepay. Those on smart prepay can look at the EDF Simply Tracker tariff, which is effectively a price cap tariff with ยฃ100 lower Standing Charges (and ยฃ70 extra cashback on top via the link above)
PS How to know if you're on a Price Cap?
The Price Cap only applies to firms' Standard Variable tariffs. It's the default tariff you're on if you haven't chosen another deal, or your deal (eg a fix) ended and you did nothing. If you're fixed, on an EV tariff, a time of use tariff, or other specialist tariff, you are not on the Price Cap.