Should I fix my energy prices until 2023?

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    The current energy crisis is causing record-breaking wholesale prices and no cheap deals for customers. This has left many customers questioning whether to stick to the price cap or secure a fixed price energy tariff?

    Within this guide, we are going to provide advice on whether you should fix your business energy prices until 2023. Soaring prices towards the end of 2021 and the beginning of 2022 have caused major instability and changed the advice to customers able to switch suppliers.

    Why have business energy prices increased?

    Business energy prices have soared massively since late 2021 which has caused the energy market to become extremely volatile. The UK has a high usage of gas and electricity and a reduced storage capacity in comparison to other countries which has made this period particularly difficult for the UK.

    There are multiple factors that have affected this rise including suppliers ceasing to trade, the Russian invasion of Ukraine, bitterly cold winter in Europe, geopolitical factors and much more. Wholesale gas and electricity prices have recently hit record highs which have resulted in many suppliers pulling their prices. Find out more about the recent hike in gas prices here. This is a worrying time for energy suppliers as they are losing money on previously fixed prices.

    What effect has this had on the Energy price cap?

    The Energy price cap is provided by the energy regulator Ofgem and sets a limit on electricity prices for domestic customers. The cap is reviewed twice a year and aims to protect customers on variable tariffs from rising prices.

    The price cap was last reviewed in April 2022 and this cap was increased from £693 to £1,971 for domestic customers. You will be charged for the energy you use, and this may exceed the price cap.

    The price cap will next be reviewed in October 2022, but this is likely to rise to around £2,800. This is going to cause financial worry for millions of customers with many being pushed into Fuel poverty, which means they are spending more than 10% of their income on their energy bills.

    Should I choose a fixed energy tariff?

    We believe energy prices are going to continue to rise! We recommend that customers fix their energy prices until 2023 to avoid unexpected price rises but the price cap does not affect fixed price deals. Many energy suppliers are providing fixed price deals that are more expensive than the current price cap to minimise the shortfall from variable tariffs.

    There are many reasons customers want to fix energy prices, these include peace of mind, your supplier can provide an exclusive deal, energy savings, you can afford the premium you will pay to “fix”, and you want to hedge your bets and lock in now for the next 2-3 years.

    Is a fixed energy contract worth it?

    When the energy market is stable, fixed energy contracts are ideal for protecting against price hikes. If prices drop, a fixed rate tariff will mean you are paying a fixed rate that is more expensive than it should be. Fixed rate tariffs can help with budgeting as the charge will be the same amount each month. Find out more about the different types of energy contracts here.

    Deciding whether to fix your energy costs right now is a difficult decision. Fixing for some customers will result in them paying more than the energy price cap between now and October but paying less than the cap onwards from October until the price cap changes again in April 2023. For some customers, it may be best to stay on a standard variable tariff as you’ll be protected by the energy price cap.

    Why should I avoid fixed energy tariffs?

    If your fixed energy tariff is about to enter renewal, you will find your renewal prices have increased. This indicates that fixing your prices until 2023 will protect you from future price hikes. It is important to remember that current prices seem to be continually increasing so switching suppliers is now a case of reducing price increases rather than making energy savings on your previous tariff.

    Standard variable tariffs are known to be some of the most expensive tariffs within the market. Fixed tariffs are becoming more expensive due to the price cap not affecting these. Securing this tariff could end up costing you more than necessary due to energy suppliers increasing these tariffs higher than the current price cap.

    Spike in energy prices

    Why should I fix my energy prices until 2023?

    Due to the volatility of the energy market, many customers choose fixed energy tariffs simply to protect themselves from future price rises. This means you may be paying more but you are paying for price certainty as your gas and electricity prices will remain consistent.

    We advise you compare your fixed energy tariff against the further price cap increase in October which is expected to be £2,800. If your new energy tariff is around 45% more expensive than your current deal, you may fall under the expected price cap increase.

    The answer to this question is constantly changing depending on the market conditions at the time. Based on the information above., we recommend you secure a long term contract to protect your business against future prices hikes. The best way to find the best energy prices is to compare the market and get in touch with our energy experts who will be able to help you secure the best energy deals for your business.

    man checking utility bills

    What should I do if my fixed tariff is due to expire?

    Securing a fixed deal is the best way to protect your business against the harsh energy price rises that we are currently seeing. You will be informed when your contract is due to expire, and you will be automatically put on a standard variable tariff. We can help you compare the market to find the best energy rates for your business.

    What will happen to energy prices in 2023?

    The latest estimation for the next quarterly price cap in January 2023 is for it to rise to £2,800 in October 2022. It is not yet informed of its predictions for how the quarterly energy price cap could change in 2023. However, based on the current cap that is updated in April and October, the analyst expects it to fall to £2,292 in April (covering the summer) and then drop again to £2,283 in October (covering the winter).

    The estimated prices for next year are higher than the current April 2022 price cap, which is pushing up energy costs to eye-watering levels for millions of customers. They are also far higher than the very first energy price cap, brought in by Ofgem in January 2019, which was just £1,104.

    We don’t know exactly how wholesale energy prices will change in future. The forecasts for 2023 will almost undoubtedly change, particularly for the October 2023 cap given it is almost 18 months ahead. Ofgem will also likely unveil more information this autumn about the policy changes, that could impact future price caps, which we will keep our customers updated on. Our recommendation is to secure a long term fixed contract for your business today.

    Compare fixed rate tariffs

    Keep in mind, that the energy market has fluctuated massively over the last couple of months. Now there is a very small chance that you will be able to secure a deal that is cheaper than your current tariff.

    Utility Bidder can help your business compare energy prices from the UK’s leading energy suppliers. We can help you understand how much energy is going to cost your business and find the best deal for your business.

    We are ready to provide you with all the information you need to help you make an informed decision on your energy bills. We can provide you with a renewal quote, energy price cap tariff costs and the price of your energy supplier’s standard variable tariffs. Utility Bidder can help your secure your prices until 2023 to protect your business against price hikes!

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        Let’s save time, can we automatically gather meter information?

        ? What does this mean?
        To get your quotes at lightening speed we need several key pieces of information which can all be found on your electricity bill. But by simply ticking this box, we can search ‘industry held data’ to get your meter number, electricity consumption and current energy supplier. This means that we can get you quick quotes without asking you to dig out all of your paperwork. This is personal data therefore we need you to allow us to access this information.
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