It is a good time to buy for customers on fixed price contracts.

That’s because gas and power prices are at the bottom of the market, according to Inenco’s Y report.

Dorian Lucas, Energy Analyst said: “Customers could potentially enter the market now and achieve an almost bottom of the market price. I encourage people looking to place fixed price contracts to do so.

“There is a downside potential going forward, however if you look what the market has done over the last kind of 18 months, we are largely at the bottom of the market and it does represent  great value.”

He suggests customers who place a fixed price contract, to consider doing it for a period of two of three years “because prices further out are relatively flat and we are seeing kind of a very, very small premium built into forward prices in some instances, it is even cheaper further years out.”

However for customers who are looking to place a flexible contract, it depends on “their attitude to risk”.

Customers with high cover should increase their hedges and take further cover, according to Mr Lucas.