Should I shop around for a better deal?

Energy providers have been shouldering the burden of escalating wholesale prices, but have been unable to pass them onto consumers because of the cap, which limits the amount they can charge customers on variable tariffs. 

As a result, locking in a fixed-rate deal is no longer the attractive option it once was. At present all fixed deals are more expensive than variable tariffs, with the average costing £2,492 over a year, which means that there is little point in fixing.

Some energy providers have been pressuring customers coming off fixed tariffs to fix again. But at present, it is cheaper to stay on the variable tariffs. That is not to say there are no benefits to fixing now as it could protect consumers from further increases in the cap. 

However, consumers should be wary as global wholesale prices are expected to fall again next month, which means households could find themselves locked into relatively more expensive deals.