Fixed rate energy deals are looking expensive when compared to sticking to your supplier’s standard variable rate, as standard variable rates are being protected by the price cap of £1,971 a year (£2,017 on a prepayment tariff) for typical usage.
Even the cheapest fixed rate energy deals at the moment are hundreds more per year than the current price cap.
It’s likely the price cap will rise again this autumn, but it’s difficult to estimate how much it will increase by yet.
Although the choice is still there to switch onto a fixed deal, bear in mind you could be stuck paying more than the price cap, and might be charged a fee if you want to leave early. There are no fees for leaving the standard variable rate.
In the past it was a good idea to be on a fixed rate deal as they were significantly cheaper than a supplier’s standard variable rate. The market is changing quickly, so it's important to keep checking the tariffs available to you to make sure you're paying the best price.