Energy specialists at MoneySuperMarket Energy are advising households currently on standard variable tariffs to make the switch and lock in a fixed rate, ahead of average bills climbing by £35 from Wednesday, October 1, when the updated energy price cap will push typical annual energy costs to £1,755.
The experts revealed that customers could slash up to £271 from their bills by moving to a fixed deal immediately, with the most competitive offers on the market currently priced between £1,429 and £1,643, varying according to supplier size. Switching to a fixed tariff will not only deliver immediate savings for households before winter arrives and energy consumption rises, but will also shield them from potential future price increases under the energy price cap, which now sits approximately 50% above its 2019 introduction level, according to the specialists.
Laura Hinton from MoneySuperMarket Energy said: “At the moment, around 66% of households are on a standard variable rate, which means that from Wednesday most will see their bills go up just as the winter months set in and energy use increases. If you’re one of the millions of households on a variable rate, there’s still time to lock in a fixed deal before the energy price cap rise kicks in. Fixing now means you can avoid paying more than necessary this winter.
“Fortunately, switching energy provider is quick and simple, taking just a few minutes. Households who shop around now could save an average of £271, avoid the October price hike and protect themselves from future price rises. If you’re thinking about switching, the best deals will likely start to be withdrawn from Wednesday, so act now to avoid missing out.”
Energy price cap changes since 2019
Period | Price Cap (£/year) | Change (£) | Change (%) |
Jan – Mar 2019 | £1,137 | – | – |
Apr – Sep 2019 | £1,254 | +£117 | +10.3% |
Oct 2019 – Mar 2020 | £1,179 | -£75 | -6.0% |
Apr – Sep 2020 | £1,126 | -£53 | -4.5% |
Oct 2020 – Mar 2021 | £1,042 | -£84 | -7.5% |
Apr – Sep 2021 | £1,138 | +£96 | +9.2% |
Oct 2021 – Mar 2022 | £1,277 | +£139 | +12.2% |
Apr – Sep 2022 | £1,971 | +£694 | +54.3% |
Oct – Dec 2022* | £2,500 | +£529 | +26.8% |
Jan – Mar 2023 | £4,279 | +£1,779 | +71.2% |
Apr – Jun 2023 | £3,280 | -£999 | -23.4% |
Jul – Sep 2023 | £2,074 | -£1,206 | -36.8% |
Oct – Dec 2023 | £1,923 | -£151 | -7.3% |
Jan – Mar 2024 | £1,928 | +£5 | +0.3% |
Apr – Jun 2024 | £1,690 | -£238 | -12.3% |
Jul – Sep 2024 | £1,568 | -£122 | -7.2% |
Oct – Dec 2024 | £1,717 | +£149 | +9.5% |
Jan – Mar 2025 | £1,738 | +£21 | +1.2% |
Apr – Jun 2025 | £1,849 | +£111 | +6.4% |
Jul – September – 2025 | £1,720 | -£129 | -7% |
Oct 2025 – | £1,755 | +35 | 2% |
UK energy price cap for a typical dual-fuel household paying by Direct Debit since its introduction in January 2019. From October 2022 to June 2023, the UK government implemented the Energy Price Guarantee (EPG), capping typical household bills at £2,500 per year.
