As the new price cap approaches, energy firms are proactively offering fixed rate deals to existing customers.

These deals lock in a set energy rate for a specific duration, shielding consumers from potential price hikes during that period.

Several energy companies are currently offering fixed rate deals to their customers – these include So Energy, British Gas, E.ON and OVO.

The reintroduction of fixed rate deals comes at a time when wholesale energy prices have experienced a notable drop.

By opting for a fixed rate deal, customers can avoid the uncertainties associated with variable tariffs.

While variable tariffs can fluctuate in response to market conditions, fixed rate deals offer a consistent rate over a defined timeframe.