Utility Warehouse customers can get this fixed tariff ahead of October energy price cap
24.08.2022 - 15:53
/ manchestereveningnews.co.uk
Millions of householders will know the fate of their energy bills this week as Ofgem will officially announce the price of the October energy price cap. Fixed tariff options may work out cheaper overall if customers are able to get one with their provider.
Ofgem, the energy regulator, will announce the October energy price cap on Friday, August 26. The energy price cap is the maximum figure that can be charged to customers for typical usage of gas and electricity. Forecasters are expecting the October price cap to be £3,553 a year for the average household.
According to energy analysts, Cornwall Insight, energy bills are expected to rise over £5,300 in April next year according to their most recent predictions. Entering a fixed tariff with energy providers may work out cheaper in the long-run, despite the monthly outgoings being costly.
READ MORE: Timeline of energy price cap as gas and electricity bills set to soar over £5,300
A fixed rate tariff is a contracted rate you pay per unit of energy, and will be set for an agreed period of time - normally around 18 months, but as the energy regulator Ofgem increases the limit a supplier can charge for each unit of gas and electricity this October, entering a fixed tariff may save you in the long run.
Utility Warehouse customers could get a cheaper deal on a fixed tariff option for the next energy price cap, although it is best to check direct with the supplier as this depends on a person's energy usage and location. You can check regular fixed tariff options with energy suppliers on the MSE website here.
On a 12 month fixed tariff Utility Warehouse customers can get the Green Fixed 37 one-year fix. This works out at 80% more above the current price cap, at £3,500 a year and