Stick, switch, or fix? It sounds like a game of cards, a contest of chance, and it certainly feels that way to consumers hopelessly hunting for competitive deals to cut their energy bills.
As of today, MoneySavingExpert declares there are "no fixed deals available right now that are worth considering". That's pretty much been the case for well more than a year as the energy crisis has exposed the price cap administered by industry regulator Ofgem to be a faulty mechanism within a broken market system.
The good news is there appears to be some respite on the horizon for consumers, with analysts at Cornwall Insight predicting that typical household energy bills will fall to their lowest in more than two years from April. Ofgem is expected to confirm the 15% decline in the energy price cap, to £1,635 a year from £1,928 currently, in its regular quarterly update on Friday.
This is slightly more positive than previous predictions from Cornwall Insight. The consultancy said a relatively warm winter, coupled with less disruption than feared from Houthis attacks in the Red Sea, have kept the wholesale prices paid by suppliers at lower levels than might have been the case.
Looking further ahead the consultancy is currently predicting a further 10% decline in the energy price cap, to £1,465, from July before creeping up again by 4% in October. These latter forecasts, it should be said, are far weaker and will likely be adjusted in the coming months based on market circumstances.
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