If you’re currently on a standard variable price cap tariff, now is the perfect time to secure a fixed energy rate. Ofgem has just announced a 10% increase in energy prices from October 2024, with another price hike expected as early as January 2025. Acting now could save you from rising costs as energy companies may soon withdraw their most affordable fixed-rate deals.
Which energy provider is currently offering the best fixed price gas and electricity tariff?
If you are wondering which supplier is currently offering the best deal on 12 months fix, then do not worry. We’ve done the research for you!
Right now, Octopus Energy has the cheapest fixed-rate tariff available. Plus, if you switch using the link below, you’ll receive a £50 credit on your energy account which you can use towards your energy bill.
Switching to a new energy supplier is simple. Just sign up using the link below, and your new provider will handle everything, including notifying your current supplier.
Make sure to select the “Octopus fixed 12m” Tariff
Why Choose Octopus Energy?
Cheapest 12 months fix in the market
Get £50 welcome bonus
You can sign up regardless of if you have a smart meter or not
NO exit fees, you can switch to another tariff or supplier without paying any penalties
What Other Energy Tariffs Are Available Which May Be Cheaper Than Staying on Variable Price Cap Tariff?
If you’re wondering what other suitable energy tariffs are available, take a look at the table below. We’ve compared our top recommendation with other tariffs that are cheaper than staying on the price cap tariff. The estimated annual bills are calculated using an average gas usage of 11,500 kWh and average electricity usage of 2,700 kWh. Your final bill may be higher or lower than the prices shown below, depending on your actual usage
| Tariff | Avg Annual Price |
| Standard Price Cap Tariff (Variable) | £1769 |
| 12 Months Fix Tariffs | |
| Octopus Energy (Cheapest) | £1551 (including £50 credit) |
| OutFox The Market | £1574 |
| EDF energy | £1600 |
| British Gas | £1647 |
Octopus Energy Cheapest 12-Month Fixed Energy Deal Available
Lock in the lowest 12-month fixed-rate energy plan on the market today and enjoy a £50 welcome bonus when you switch.
Whether you have a smart meter or not, you can easily sign up and start saving. Plus, with NO exit fees, you have the flexibility to switch to another tariff or supplier at any time without paying penalties.
What Is A Standard Variable Tariff?
With gas and electric tariffs, there are two main types of tariffs:
Standard variable tariff where your rate goes up and down with the price of energy.
Fixed tariff – your rate stays the same for the length of your contract
What is Current Price Cap?
| Current Price Cap (price in pence) | Price Cap From October 2024 (price in pence) | |
| Electricity | 22.36 kWh 60.12 daily standing charge | 24.50 kWh 60.99 daily standing charge |
|---|---|---|
| Gas | 5.48kWh 31.41 daily standing charge | 6.24 kWh 31.66 daily standing charge |
Energy Price Cap History
If you’re curious about how the price cap has changed over time, take a look at the price cap history below:
October – December 2024 10%
July – September 2024 -7%
April – June 2024 -12%
January – March 2024 5%
October – December 2023 -7%
July – September 2023 -37%
April – June 2023 -23%
January – March 2023 20%
October – December 2022 80%
Summer 2022 54%
Winter 2021/22 12%
Summer 2021 9%
Should I fix energy?
Yes, it’s time to fix your energy prices now. Ofgem, Britain’s independent energy regulator, has already announced a 10% price hike. By securing a fixed tariff now, you can avoid this increase. However, you’ll need to act quickly, as energy companies are likely to raise prices on their fixed tariffs soon.
What is Ofgem price cap?
The energy price cap is a limit set by Ofgem (Britain’s energy regulator) on the maximum amount energy suppliers can charge per unit of gas and electricity. This cap aims to protect consumers from excessively high prices, ensuring that energy costs are fair and reflect the actual costs of supplying energy.
The current energy price cap reflects the latest adjustments by Ofgem, with changes typically occurring every three months. The cap is reviewed and updated regularly to account for fluctuations in wholesale energy prices, operating costs, and other factors. The next price cap, covering January to March 2025, is expected to be announced soon.
The price cap per kWh varies depending on the type of energy (gas or electricity) and the region you live in. It is designed to ensure that consumers pay a fair price for their energy, but it’s important to note that it’s a cap on unit prices, not on your total bill, which will depend on your actual energy usage.
If you’re wondering when the next energy price cap review will take place, Ofgem typically reviews the cap every three months. The results of the latest review will be implemented in the upcoming price cap period.
Understanding how the energy price cap works is crucial for managing your energy bills. The cap ensures that while prices can fluctuate, there is a limit to how much suppliers can charge, providing a level of protection for consumers.
When will be next energy price cap announced?
Ofgem has already announced the price cap for October to December 2024, with the next price cap set for January to March 2025. Experts are predicting an additional 3% increase on top of the 10% hike in October 2024. To avoid these rising costs, we recommend fixing your energy prices now.
Is it better to fix energy prices now?
Given the current market conditions and expected increases, it’s better to lock in a fixed energy rate sooner rather than later. Fixing your prices now ensures that you won’t be affected by the upcoming price hikes.
When is the best time to fix energy prices?
The best time to fix energy prices is before major price hikes or when you notice that fixed-rate tariffs are still competitive. With experts predicting further increases, now is an optimal time to secure a fixed rate.
