Martin Lewis' official website, Money Saving Expert, has issued a stark warning for anyone who is considering locking into a fixed-rate energy deal. With energy bills set to fall by an average of 17 per cent as of next month, many firms across the UK are starting to offer fixed-rate deals for existing customers once again.
These deals offer protection over Ofgem price cap rises, however, if prices fall you may be in-turn stuck paying higher fees than others. Said price cap is set to fall to £2,074 per year for households using typical amounts on direct debit plans as of July 1, substantially less than the £2,500 per year under the Energy Price Guarantee.
However, the drop will be far less in reality, when you consider that the £400 energy discount that people received last winter has not come to an end. Top analysts at Cornwall Insight expect that typical bills will fall again to £1,959 per year as of October, but they could in-turn surge once more to £2,026 as of January 2024.
