Energy suppliers ‘stop offering exclusive fixed deals’ amid energy crisis

EDF has confirmed it has ditched its exclusive fixed tariffs

Big Zero Report 2022

Some energy suppliers are reportedly pulling their exclusive fixed deals as energy prices continue to put pressure on households and businesses.

A fixed-rate tariff protects customers over energy price shocks as there is a fixed amount they pay for each unit of energy they use over the lifetime of the contract.

A few days ago, analysts predicted that domestic customers could pay £3,359 a year in October and £3,616 in January.

Ofgem is set to update the price cap methodology to allow it to be reviewed quarterly. 

An EDF spokesperson told ELN: “We have withdrawn the exclusive tariffs we were offering EDF customers due to the ongoing volatility in the energy market.

“We’re doing what we can to provide support to our customers during this crisis, especially to those who are vulnerable.”

Looking at whether this practice is followed by other suppliers, ELN asked Octopus Energy about it.

A spokesperson said: “We continue to offer a Fixed tariff for loyal customers which is 5% less than our regular fixed tariff and no, we haven’t pulled it.

“We are also the only large energy supplier to price our standard variable tariff ‘Flexible Octopus’ below the current energy price cap, £50 lower for existing customers (and we’ve in fact always priced below the cap).

“This £50 rebate amounts to £50 million for the current price cap period and is in addition to the £100 million in cost increases we’ve already absorbed on behalf of our customers by keeping prices low.”

OVO also continues to offer fixed rate energy tariffs to its customers.

ELN has contacted Ofgem for a response.

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