The difference between the top ten cheapest energy deals currently available on the market and the default tariff cap is just £2 per year.

That’s according to new research by Cornwall Insight which suggests the gap is “significantly smaller” than the £171 a year seen in December 2020.

James Mabey, an Analyst at Cornwall Insight said: “These are turbulent times for energy suppliers, only this month we saw Together Energy become the first victim of 2022, following on from nearly 30 suppliers leaving the market in 2021.

“The Default Tariff Cap, once a protection for customers, with increases matched by cheaper fixed deals as recently as April 2021, has now become the only option available to most, as energy companies try hard to keep their heads above water.”

The revised price cap, which applies to England, Scotland and Wales is expected to be announced by Ofgem on 7th February.