Ofgem issues 'think' energy bill warning to households ahead of expected price cap drop

manchestereveningnews.co.uk:

Ofgem has issued a warning to anyone considering fixing their energy bills ahead of the next price cap announcement. Due to fluctuating energy prices, many may be tempted to switch to a fixed-rate tariff.

A fixed-rate tariff allows users to stick to a single price for their gas and electricity without it changing throughout the duration of the agreed contract date.

While this may seem like a good idea for some, it means that billpayers on this tariff run the risk of not benefitting from any price drops, especially if their fixed rate is significantly higher than rates on variable tariffs. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features Ofgem will announce a new price cap later this month, which will be in place between October and December.

The cap is expected to drop slightly to around £1,860 for a typical dual-fuel household. Issuing a warning about fixed deals on social media, Ofgem wrote: "THINK BEFORE YOU FIX.