Should I Fix My Energy Prices Until 2024?

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James Longley

Managing Director

min read

This year (2023) has marked a steady fall in wholesale gas and electricity prices after the record highs we saw in 2022.

In April, the UK government introduced the Energy Bill Discount Scheme (EBDS), a replacement for the Energy Bill Relief Scheme (EBRS), designed to offer support at reduced levels for businesses and other non-domestic customers.

Naturally, this has got many consumers considering whether it’s worth locking into a fixed business or domestic energy deal for 2024.

Our recommendation is yes – if you can find a better deal, you should secure a fixed energy tariff. Although wholesale market prices have fallen, they’re still considerably higher than in 2021, and they’re expected to rise in 2024.

Energy security also continues to pose problems, leaving the wholesale energy market open to volatility – prices can fluctuate daily. So, if you fix the amount you pay, you can also protect yourself or your organisation against future price rises.

Why are energy prices so high?

Wholesale energy prices have fallen throughout 2023, offering some comfort to households and businesses across the UK. However, there’s no getting away from the fact they’re higher than before the energy crisis took hold. Let’s recap some of the main factors behind the rise:

The Russian invasion of Ukraine resulted in Germany halting the gas transported through the Nord Stream 2 pipeline – which was designed to double the annual capacity of the existing Nord Stream 1 pipeline, from 55 billion cubic metres (BCM) to 110 BCM.
Russia also reduced the Nord Stream 1 pipeline’s capacity to 20% before completely halting supply. To put this into context, Russia supplies around 40% of Europe’s natural gas.
COVID-19 restrictions eased, increasing demand worldwide as the world began to return to normality.
Europe endured a particularly harsh winter in 2021, with northern and central Europe experiencing freezing conditions. This led to increased gas usage and left natural gas storage supplies depleted.

Should I fix my energy prices?

We believe energy prices are going to continue to rise! Here, at Utility Bidder, we recommend both businesses and domestic customers fix their energy prices until 2024 to avoid unexpected price rises – provided you can…

secure a better deal if you’re a business owner

source a fixed tariff that’s lower than the current domestic energy price cap of £1,834 per year for the average UK household paying by Direct Debit – introduced by Ofgem on 1 October 2023.

However, there are numerous other reasons to consider – whether you’re a domestic consumer or a business owner.

Household Consumers

Finding a cheaper tariff

For domestic customers, many energy suppliers are offering fixed deals that are more expensive than the current Ofgem price cap – to minimise the shortfall from a standard variable tariff. So, if you can find one, you should go for it.

Protect yourself

Secure a fixed tariff and you’ll gain peace of mind you’ll be paying the same rate for your energy throughout these uncertain times. It’ll allow you to effectively budget for the coming year, knowing exactly how much you’ll spend on energy.

Business Consumers

One-year tariffs

The biggest downside of getting a fixed-rate tariff is having to pay the same rate for energy until the tariff ends. It means you can miss the drop in energy prices when wholesale rates fall – resulting in you paying more in the long run.

However, some energy providers are offering one-year fixed business energy contracts. This will see you through the uncertainty of 2024, protecting your business against any price increases, but without locking you in long-term.

Peace of mind

We believe energy prices are going to remain volatile for the foreseeable. So, by securing a fixed tariff, you can at least have some certainty when budgeting for your business’ running costs.

What help is available for energy bills in 2024?

There are a few energy schemes available to businesses and domestic customers to help with the rising energy costs. It’s worth remembering that each scheme will have its eligibility requirements, and some are only available for limited periods before closing.

For businesses, the main options are:

Energy Bill Discount Scheme

If eligible for the Energy Bills Discount Scheme, the government will apply a discount on your gas and electricity bills. Eligible non-domestic consumers will receive a per-unit discount on their energy bills during the 12 months from April 2023 to March 2024, subject to a maximum discount. The relative discount will be applied if wholesale prices are above a certain price threshold.

For most non-domestic energy users in Great Britain and Northern Ireland, these maximum discounts have been set at:

• Electricity Prices – Discounts of up to £19.61 per megawatt-hour (MWh) when the wholesale prices are above £302 per MWh
• Gas Prices – Discounts of up to £6.97 per MWh when the wholesale prices are above £107 per MWh If wholesale prices stay below the threshold, the discount is not applied.

Government Grants for Energy Efficiency in Business

There are several government-backed schemes offering grants, as well as loans and subsidies, to help smaller businesses improve the impact they’re having on the planet. You’ll also find some local councils provide funding towards business energy efficiency measures or grants for sustainable business growth.

To apply you’ll usually need to make a business case outlining the project or measure you’re looking to implement. You can find a full list of the schemes currently on offer on the government’s Finance and Support for Your Business page.

Energy Supplier Business Energy Grants

You’re not just limited to the government for support. You may find your supplier offers energy efficiency grants for businesses.

The best way to find out if they have any open schemes or if they offer any support is by contacting them directly.

And for domestic customers:

Energy Price Guarantee

For domestic customers, the Energy Price Guarantee is similar to the current energy price cap – protecting customers by limiting the amount suppliers can charge per unit of energy used. It currently brings a typical household energy bill in Great Britain for dual-fuel gas and electricity prices down to around £3,000 per year.

What type of energy tariff should you choose for your business during times of volatility within the energy market?

The energy market has remained volatile since the end of 2021, and we don’t believe market conditions are going to improve anytime soon.

Utility Bidder can help you compare business electricity and business gas prices from the UK’s leading energy suppliers. We can help you understand how much energy is going to cost your business and help your business save money.

We are ready to provide you with all the information you need to help you make an informed decision on your gas and electricity prices. We can provide you with a renewal quote, energy price cap tariff costs and the price of your energy supplier’s standard variable energy tariff.

Utility Bidder can help you fix your energy prices until 2024 to protect your business against price hikes!

What to do if your fixed tariff is due to expire?

When your current contract comes to an end, your energy provider will place your on a variable tariff. Depending on market prices at the time, this may be a cheaper option for your business as the default variable tariff is capped.

It is important to compare the market when your contract is in renewal to see what is avaliable for your business. If prices remain high we recommend staying on the default tariff until prices dip below the energy price cap.

Our energy experts can help your business scour the market to find the best business energy rates for you, get in touch today. Compare business gas and business electricity prices with Utility Bidder.