The cut in energy price caps is expected to trigger a wave of switching between energy suppliers as companies roll out more competitive fixed deals. The change is being seen as a watershed moment for the energy industry, which is expected to start offering fixed deals again. Price comparison website Uswitch.com describes the move as a landmark moment for energy suppliers. However, rising wholesale energy costs from summer 2021 resulted in the disappearance of fixed deals, leaving customers without cost-saving options. However, Ofgem has advised consumers to weigh their options and make sure that fixed prices are the right choice given that energy prices remain unpredictable.

Source: The Guardian May 25, 2023 16:22 UTC