Customers who are looking to place fixed price contracts should do it now.

That’s because prices are at or close to the bottom of the market, according to Inenco’s Y report.

Energy Trader Rebecca Hermolle said: “Prices remain at all close contract lows with oil remaining a very strong driver in both gas and power prices.”

The UK’s gas supply has strengthened with strong flows from both the UK Continental Shelf and the Norwegian Continental Shelf.

Power supply has also increased with the return of two nuclear reactors.

Ms Hermolle added: “We’re likely to see some volatility this week leading up to Sunday’s scheduled meeting between OPEC and Russia regarding the output freeze.”

Customers on flexible contracts should wait until the outcome of the meeting as it “could give us a good direction of where prices are going in the future”.