Householders have been advised to make a key check on Wednesday amid concerns of an energy price hike "double blow" this winter. Experts at MoneySuperMarket Energy are warning households on standard variable tariffs to brace themselves for a "double blow" of price rises this winter, as the price cap increases by around 4% from this Thursday (October 1). This will bring the typical annual energy bill to £1,723, a two-year high.
Meter readings and the October cap rise
People have already been warned to make sure they take meter readings on Wednesday to ensure they pay the correct amount for their energy. Failure to do so could mean paying the new rate for energy already used.
However, some industry analysts predict the cap could reach as high as £1,999 in January, which has led to other advice on another action to be taken now. Experts say those who don't act now and lock into a fixed deal could face a year-on-year price increase of £344.
Like-for-like comparison and fixed deals
While the October 2026 energy price cap headline figure is £1,723 a year, it's worth remembering that Ofgem reduced its Typical Domestic Consumption Values (TDCVs), the amount of energy it assumes a typical household uses, earlier this year. Using the same consumption levels as when the cap began in January 2019, the October figure would be approximately £2,081.
This means on a like-for-like basis the price cap is now around £944 a year, or 83%, higher than when it was first introduced. Laura Hinton, from MoneySuperMarket Energy, said: "Energy price rises will add further pressure to household budgets, particularly as we move into the colder months when energy use tends to increase.
"The energy market has been unpredictable throughout 2026, and volatility remains a concern for households trying to plan ahead. While October's cap increase is bad news for many households, those on a standard variable tariff may want to review their options, particularly as forecasts suggest further increases in the months ahead.
"For some households, fixing their energy tariff could provide greater certainty over their monthly costs and may help reduce bills compared with remaining on a standard variable tariff, depending on their circumstances. By acting today, the best fixed deals currently could save people around £46 on their bills right now, and potentially even hundreds against January's cap prediction based on current market forecasts."
Available fixed deals and Martin Lewis advice
According to MoneySuperMarket Energy, the number of cap-beating deals has been steadily declining in recent weeks, but there are some still available. It said the newly launched E.ON Next Fixed 12m Exclusive v9 offers households the certainty of a 12-month fix at an average annual cost of £1,677, beating the October price cap by £46, and potentially beating January's predicted cap figure by as much as £322. E.ON is also offering a 24-month fix at £1,672 a year. Both deals are available exclusively through MoneySuperMarket Energy and run until October 7.
Martin Lewis, posting on Money Saving Expert, has also advised people to see what fixed rates are currently available. He said: "When the July Cap rose by 12.6% the mitigating fact was that it was only for the low-use summer quarter.
"Now it will rise 3.6% on top of that, so rates will be nearly 17% higher than they were in April over the high-use winter period. Prices are the highest they've been since winter 2023.
"With the Cap predicted to rise substantially again in January, current fixes look a decent bet. Your cheapest depends on usage and location, so use my whole-of-market by default comparison site Cheap Energy Club which also has a 'Pick Me A Tariff Tool' if you're not good at deciding.
"So if you're someone who has been on the standard tariff for ages then the safest thing is just to get a cheap fix now (not just any fix, ensure it's as cheap as possible, don't just stick with your own firm). Though if you're a regular fixer who'll monitor the market, there's a chance waiting may turn out to be better.
"Lower users could consider the British Gas Cap Tracker that matches the Cap rates but knocks £60 off Standing Charges for a year. And there are EV tariffs and time-of-use tariffs that are worth a look."
