Best fixed energy deals: Fixed tariffs that BEAT the price cap have returned

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For the first time since the conflict in the Middle East began, there are fixed energy deals available that can beat the current price cap, according to price comparison website Uswitch.  

With conflict in the Middle East driving volatility in the energy market, the cheapest energy tariff is now priced at £26 below the April price cap of £1,641, which is the cheapest deal in over five weeks. 

There are currently 28 fixed energy tariffs available. This number plummeted to 15 during the initial shock following the start of the conflict. 

Uswitch says that fixing is still important for those looking for stability and protection against unpredictable future pricing. Early forecasts suggest that the price cap will rise significantly from July.

Certainty over your bills: The unit cost of energy won't rise when you're on a fixed tariff

The energy price cap fell from £1,758 to £1,641 in April for the average household. This is a 7 per cent drop. Keep in mind that the cap doesn't limit your total bill, instead it dictates how much suppliers can charge for the unit cost of energy – if you use more than the average household, you'll pay more than the quoted annual cost.

Keep in mind that starting in April, the Government has removed certain levies which will lower your bills. 

Comparing energy providers can help you save money and avoid paying more than you need to.

> Compare the best energy deals with Uswitch* 

The table below shows you the cheapest energy deals this week, according to comparison website Uswitch. It's a good idea to compare the best deals with what you're currently paying, because rates vary by region. 

The cap doesn't limit your total bill – energy companies charge for energy by the kilowatt hour (kWh). 

It's therefore important to check the unit rate – how much you're charged per kWh – on a new fixed tariff against that of your existing deal.

Best energy deals this week

Ben Gallizzi, energy expert at Uswitch, comments: 'The cheapest fixed tariff is currently priced at £1,615 for the average household, offering a £26 saving against the April cap and representing the lowest rate we have seen in over five weeks.

'For customers who have been patiently waiting for a well-priced fixed deal to appear – this is a good time to move quickly, as we don’t know how long these cheaper rates will last.

'With the price cap predicted to rise by as much as 17% this summer, securing a cheaper fixed deal is a no-brainer for those looking to shield their bills from future volatility.'

It pays to shop around, checking comparison websites as well as going direct to energy providers. Not every energy provider will be on every comparison platform. You can compare deals and sign up today at Uswitch*.

Keep in mind that the annual price quoted is only what the average household can expect to pay over the year. Your actual bill will depend on how much energy you use, so check the unit cost of energy when comparing tariffs.

In terms of unit costs under the April cap, the maximum that households on a default tariff are paying is 24.67p/kWh for electricity and 5.74p/kWh for gas, with standing charges of 57.21p and 29.09p respectively.

Should I fix my energy and switch providers?

Switching to a fixed tariff from a variable one could put more money in your pocket. It's also worth thinking about fixing your energy if you like to know how much your bills will be each month.

Energy unit costs and standing charges stay the same over the length of a fixed contract, helping you budget. 

Independent energy market analyst Cornwall Insight is predicting that the price cap will increase to £1,871 in July, but keep in mind that energy prices remain volatile. The market is easily influenced by international events and political tensions that can't be forecast, so predictions should be taken with a pinch of salt.

But fixing could at least help to provide some stability for your bills over the longer term.

Read more: The energy price cap should be scrapped, say industry experts 

How many fixed energy deals are there?

There has been a good range of fixed energy deals over the last year, with many offering savings against the price cap. And while energy suppliers pulled deals following the escalating conflict in the Middle East, there are now 28 available.

While there are now fixed-rate energy deals that households can switch to that undercut the Ofgem price cap and save money, it took a few years after the energy crisis for providers to start offering them again.

Until the energy crunch arrived in late 2021, the advice was simple: households should switch energy providers regularly to get the best deal possible.

The cheapest deals were fixed–rate tariffs, with variable rates normally reserved for households that had reached the end of their cheap tariff and not switched.

But affordable fixed–rate deals began to vanish in autumn 2021, because wholesale energy prices started rising.

Many comparison sites then paused their energy switching services, energy providers stopped taking on new customers, and the common advice was that most people would be better off on deals subject to the Ofgem price cap.

This left 22 million households lumbered with variable–rate deals.

Can my energy price increase on a fixed tariff?

Your energy provider can't raise your unit cost of energy or standing charge while you're on a fixed tariff.

Your bill could still move up and down depending on how much energy you use. If you use more, you'll pay more. 

It's the standing charge and cost per unit of energy that's fixed, not your overall bill.

Is now a good time to fix energy prices?

The main benefit that fixing provides at the moment is stability and protection against unpredictable future pricing.

You need to consider how prices will move over the entire length of the fix rather than just the next few months. And be sure to consider exit fees, because you'll need to pay these if cheaper fixes do return to the market and you want to switch to a better deal.

You can compare the best energy deals* for you based on your home and gas and electricity costs through This is Money's recommended partner Uswitch. 

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