Energy Price Cap Simulator

Should I fix my energy prices or stay on a variable rate tariff?

[This was written prior to 8th September 2022 when the government announced the Energy Price Guarantee]

Ofgem will review the energy price caps every three months.

There are four periods below which you can use to simulate the price caps for the coming up year.

For example, you could adjust the January 2023 price cap to increase by 50%, and then decrease the April 2023 price cap by 20%, and keep the July price cap the same with 0%.

Why is this helpful? If you fix now, you'll likely be paying higher rates than the variable tariff rates until January. This period includes the cold winter months November and December where your energy usage is typically higher.

The question is whether you think the January and subsequent price cap reviews will raise the rates higher than your fixed tariff rates, and if the extra you’ve paid this year will even it out, so that overall you would have paid less, compared to being on the variable tariff rates.