Energy prices have soared as a result of the escalating conflict in the Middle East, and experts say now could be the time for households to lock into a fixed deal. Predictions suggest the average household will see energy bills spike in the second half of the year, following a recent rise in wholesale prices amid the ongoing war with Iran.
Several providers are still currently offering fixed deals cheaper than the energy regulator Ofgem’s current price cap of £1,758. The price cap, which rose earlier this year, has left many households facing higher costs during the current cold snap.
Experts advise consumers to compare fixed tariffs to potentially secure lower rates before further increases. However, they caution that any fixed deal should be chosen carefully to avoid being locked into a contract that may not suit future changes in the market.
