Only Four Fixed Energy Deals Beat October Price Cap as Bills Rise

Ofgem is set to raise its price cap by 4% in October, increasing the average annual energy bill for direct-debit customers from £1,663 to £1,723. A MoneySuperMarket analysis shows that merely four fixed-rate tariffs currently beat the cap, a sharp drop from earlier in the year. Suppliers including EDF, British Gas and E.ON Next anticipate a possible 20% jump in the cap for January, while Cornwall Insight forecasts a 9% rise.

Variable-tariff customers will automatically fall under the cap, but those on fixed deals may face higher rates if wholesale fuel costs stay elevated. Consumers are urged to lock in a fixed rate now for budgeting certainty, though early termination fees may apply except during the final 49 days of a contract. The next cap figure for January will be announced by November 25.