Energy supplier EDF has launched what is currently the cheapest fixed deal on the market, amid predictions that prices may go up in January.
The average UK dual-fuel household is currently paying £1,717 a year under Ofgem’s price cap. The new Simply Fixed Direct 1y Nov25 deal from EDF cuts this by £129 to £1,588. There is, of course, the chance that energy prices will go down when the next price cap kicks in on January 1, but the new deal doesn’t have any exit fees when you sign up with EDF directly. This means if energy prices do drop, you can switch to a different tariff or provider without having to pay fees.
There is currently a difference in opinion about where prices will head. EDF currently predicts that Ofgem will raise the price cap to £1,736 in January, while Cornwall Insight forecasts it will drop to £1,697. In either case, the new deal from EDF will be cheaper.
Rich Hughes, the director of retail at EDF, said:
“At this time of year people are using more energy and are more concerned about the cost of their energy bill. We want to help in any way we can and have taken advantage of wholesale prices dropping to offer another market-leading deal.”
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