Energy suppliers slash fixed tariffs on hopes of peace in Ukraine: Should you switch YOUR deal?
- Suppliers including So Energy, Ecotricity and Eon Next have cut prices
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Energy providers have slashed the cost of their fixed tariffs by up to £51 per year, according to the price comparison website Uswitch.
With wholesale energy costs falling following optimism around a potential peace deal between Russia and Ukraine, suppliers including So Energy, Ecotricity and Eon Next have cut prices, said Uswitch.
In November, the energy regulator Ofgem confirmed that the energy price cap will increase to £1,758 in January 2026. But with the top 12-month deal sitting at £1,527 annually for the average household, fixing your tariff could lead to significant savings.
Will Owen, energy expert at Uswitch, said: 'So Energy, Ecotricity and Eon Next deserve credit for being the first to pass on these savings to fixed deal customers, and we're hopeful that other providers will quickly follow suit.
'For customers looking to cut bills now ahead of the winter, our advice remains to secure a well-priced fixed deal. This will lock in significant savings over the crucial winter months when energy use is highest.'
Keep in mind that fixed tariffs and the energy price cap set the unit costs of energy, not your overall bill. If you use more energy than the average household, you'll pay more than the annual bill quoted.
> Compare energy deals with Uswitch*
The cheapest energy deal currently available requires a smart meter
How will energy prices move over the next 12 months?
So Energy has cut the cost of its fixed deals by £51, while Ecotricity currently tops the list of our best energy deals with the cheapest fix, at £1,527 annually for the average household.
However, Ecotricity's deal is only available to households with a smart meter.
> Our round-up of the best energy deals this week
If you haven't fixed in a year or more, it's likely you're on a standard variable tariff. These usually follow the price cap, so it's possible you're paying more than you need to.
When fixing, it's important to think about how prices might move over the length of the deal.
The energy analyst Cornwall Insight is predicting the price cap will sit around £1,675 in April 2026.
Supplier EDF Energy also releases its own predictions and currently thinks the price cap could sit at between £1,643 and £1,669 from April to December 2026, so fixing now should still save you money.
Just take forecasts with a pinch of salt. The energy market is volatile, making it difficult to predict what will happen, especially the further into the future the predictions go.
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