A number of energy firms have brought back fixed-rate deals, as Ofgem reintroduces its price cap. Of course, many more are expected to return over the next year - after the Government's Energy Price Guarantee came to an end at the turn of the month.
Ofgem traditionally uses the cap to limit the unit price on energy set by companies for gas and electricity, with the typical annual energy bill currently capped at £2,074. And the reintroduction of the limit prompted a number of suppliers to bring back a number of cheaper fixed-rate deals as opposed to the familiar variables we've witnessed as of late.
However, The Mirror reports that most of these are only available for existing customers.
Read more: Martin Lewis calls for end to 'morally hazardous' £300 energy charge
Ovo set the ball rolling earlier this year by offering a fixed deal of £2,275 - slightly cheaper than the Government's Energy Price Guarantee of £2,500 for the typical consumer. Those switching at the time could make an average annual saving of £225 on their gas and electricity - but the tariff is now more than £200 more expensive than the current Ofgem cap.
The energy regulator is urging customers to 'think before you fix' as more and more deals begin flooding the market once again. In a Tweet, it wrote: "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
Utility Warehouse
Utility Warehouse currently offers consumers a fixed rate real 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.
E.ON Next
Eon 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 ends between December 26, 2022, and August 14 2023, are allowed to sign up.
It also carries a £150 exit fee.
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.
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.
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.
EDF
Finally, EDF Energy are 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.
