Products featured in this article are independently selected by This is Money’s specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.
As conflict in the Middle East continues, data from price comparison website Uswitch reveals there were 21 fewer fixed tariffs now available compared to the weekend.
On Saturday 28 February, there were 38 fixed tariffs on the market. Now, there are just 17 available.
It’s also more expensive to fix now than it was on the weekend.
The cheapest fixed tariff for a household with typical energy usage was £1,509 on Saturday. This rocketed to £1,640 yesterday – an increase of £131.
The most expensive fixed tariff available yesterday worked out as £2,194 annually for the typical household, a massive £436 above the current price cap and £553 above April’s cap.
This comes after the energy market forecaster Cornwall Insight said that it expects the price cap to rise by more than £150 from July if gas prices stay elevated.
Fixing your tariff gives you certainty over your bills for a set time
Deals are vanishing: Does it make sense to fix?
Households on a standard variable tariff are protected by the energy price cap. The regulator Ofgem has set this at £1,641 annually from April to July for the typical household paying by direct debit.
This gives certainty over how much your bills will be until the summer, but they could increase from then if wholesale energy prices remain elevated.
The cheapest fixed tariff available yesterday worked out as £1,640 annually for the average household, a good level below the current cap and equivalent to the next one.
‘Those who switch to a fixed deal will also receive a reduction to their unit rates once the Government’s energy bill cuts take place from 1 April,’ said Richard Neudegg, director of regulation at Uswitch.
‘We encourage households to run a comparison to assess their options and consider whether to lock in a fixed rate now.’
Laura Hinton, energy expert at Moneysupermarket, said that fixing is the best way to protect yourself against potential future rises, although ‘it’s possible that wholesale prices may stabilise over the next few weeks’.
At the very least, it’s worth comparing tariffs to see whether there’s a deal that suits you. If you prefer certainty over costs, fixing might be worthwhile.
> Compare tariffs with Uswitch*