Over the last few years, millions of people fixed their energy prices to protect themselves against price rises. But is a fixed price tariff the right choice for you? Will it save you money? What should you to when your tariff ends? Find out with our guide to fixed price energy.
What is a fixed price energy tariff?
Fixed price gas and electricity tariffs offer you the reassurance that the cost of your energy will not go up.
Depending on the tariff, your prices could be fixed for anywhere between a year and four years.
However, fixed price energy can also be more expensive than the cheapest online energy tariffs, and often come with high cancellation fees if you decide you want to switch your tariff before your contract is due to end.
For these reasons, switching to a fixed price gas and electricity tariff can be a gamble - if energy prices rise you stand to make some big savings, but if they don't, you could end up paying over the odds.
Should I switch to a fixed price energy tariff?
Unfortunately, uSwitch doesn't have a crystal ball to predict the future, so we can't say with any certainty what will happen to gas and electricity prices over the coming months.
To help you decide whether or not to switch to a fixed price gas and electricity tariff, we've put together the following chart and table to show how much you could potentially save by opting for a fixed price tariff against the cost of a standard plan if energy prices go up.
(Updated 07/10/2011)
| Average variable plans | Cheapest fixed or capped plans |
| Plan | Standard plan (paying by cash or cheque) | Standard plan (paying by monthly Direct Debit) | Online plan | OVO New Energy Fixed | mpower Go Fix 8 | ScottishPower Fixed Price Energy January 2015 |
| Fixed until/for... | Variable | Variable | Variable | 12 months from going live | 03.02.2013 | 31.12.2014 |
| Current average annual cost | £1,293 | £1,193 | £1,086 | £1,050 | £1,087 | £1,214 |
| Cost if prices go up by 10% | £1,422 | £1,312 | £1,195 | £1,050 | £1,087 | £1,214 |
| Cost if prices go up by 20% | £1,551 | £1,432 | £1,303 | £1,050 | £1,087 | £1,214 |
| Cost if prices go up by 30% | £1,681 | £1,551 | £1,412 | £1,050 | £1,087 | £1,214 |
(Updated 07/10/2011) Based on average 'medium' energy user.
What should I do when my fixed price plan ends?
When your fixed plan is about to end, the first thing to do is find out which plan your supplier will be moving you to. This may be your supplier's 'Standard' plan, although some suppliers may offer you the chance to fix your prices again.
Standard energy plans are among the most expensive in the market and there are usually cheaper plans available. If you're offered the chance to fix your prices again, you may wish to take it, if you are willing to pay above-average prices in return for security against potential price rises in the future.
Once you know what energy plan you're being moved to:
Where can I find fixed price tariffs on the uSwitch website?
We have a special comparison tool that lets you just compare fixed rate plans.
Alternatively, when you compare gas and electricity the normal way, just look for the 'Fixed or capped plans' tab on the results table to see the fixed plans available in your area.
How do I find out when my fixed price energy plan ends?
Take a look at the table below for list of tariffs ending in the next few months:
| Supplier | Plan | End date |
| npower | Go Fix 2 | 31st July 2011 |
| ScottishPower | Online Energy Reward | 31st July 2011 |
| Scottish Hydro | Price Fix 4 August 2011 No Standing Charge | 31st August 2011 |
| Scottish Hydro | Price Fix 4 August 2011 No Standing Charge | 31st August 2011 |
| EDF | Fixed Price 2013 | 30th September 2013 |
| Atlantic | Dual Fuel Atlantic FP September 2011 | 30th September 2011 |
| British Gas | Fixed Price 2011 | 30th September 2011 |
| EDF | Annual Fix Version 4 | 30th September 2011 |
| npower | Go Fix 3 | 31st October 2011 |
| npower | Price Fix 2012 | 31st December 2011 |
If you're on a fixed price plan it's important to know when it ends so you can be prepared to avoid a sudden increase to your gas and electricity bills. But be careful - if you switch before your contract is up you could incur a penalty fee. Check your terms and conditions or speak to your supplier to find out when you can switch without the risk of a penalty charge.
What if I fixed my energy prices after August 2008?
If you fixed your prices after August 2008, you may find that your fixed price plan is no longer competitive when compared with the cheapest plans that are currently available.
If your fixed plan still has a long time left on the contract, it may be worth running a comparison and seeing if you could save money anyway - even after the exit penalty has been applied. But remember, you will lose the security of having a fixed price plan, so make sure you weigh up the options before switching.