Customers advised to consider fixed tariff amid projected energy price rise

EDF has advised customers to switch to its fixed energy tariff before Thursday’s withdrawal, following projections of an autumn 2024 rise in the energy price cap.

A fixed rate energy tariff ensures that your gas and electricity unit rates and standing charges remain constant for a specified duration, shielding you from fluctuations in energy prices.

However, your energy bills may still vary based on your actual gas and electricity consumption during this period.

While Cornwall Insight predicts an 8% fall in the Default Tariff Cap for July 2024, subsequent increases are anticipated for Q4 2024 and Q1 2025.

EDF’s Essentials 1Yr Apr25 tariff, priced at £1,581 for a one-year fix, offers consumers the opportunity to secure rates below projected price cap increases until April 2025, potentially saving an average of £50 over the year.

Rich Hughes, Director of Retail at EDF, said: “Wholesale energy prices have been falling for several months now, bringing welcome relief to consumers and means we have been able to offer our best fixed price tariff since 2021.

“However, given the recent rises in energy prices, if consumers want to secure our most affordable energy tariff they need to act now.

“By fixing onto what we believe is the market-leading tariff – which is priced £109 below the current price cap – customers can mitigate the impact of potential future price fluctuations and see savings on their energy bills against the anticipated price cap rise.”