Locking in fixed rate energy tariffs could be ‘clever bet’ as OVO Energy unveils new deal | Personal Finance | Finance

Mr Lewis also said: “Having said that, these are just predictions, things can change rapidly, and the one advantage of a fix is you get price certainty, so if you really value that, you may decide to fix even at a higher rate.

“As an aside, it’s worth knowing the Government has a limit in place on how much the cap can rise to in the worst-case scenario (a cap on the cap, if you like).

“So if wholesale rates were to explode again – which isn’t currently seen as likely – the maximum the rate could rise until April 2024 is 20 percent more than the current price.”

The Government was set to increase the cap set by the energy price guarantee this month, with average bills to rise to £3,000.