Wholesale energy prices have fallen since a spike in 2023 but remain much higher than before Russia’s full-scale invasion of Ukraine.
Prices surged again this week following the outbreak of the most recent Middle Eastern conflict, as production and transport of oil and gas across the region has slowed or stopped entirely in many cases.
Data from Uswitch, which is for the whole UK energy market rather than just its website, suggests this is already feeding through.
It said the number of fixed tariffs has slumped from 38 on Saturday to 15 on Thursday, while the price range for those tariffs has climbed from a range of £1,509-£1,898 to £1,640-£2,194 over the same period.
Fixed tariffs are regularly removed from the market alongside the introduction of new offers as suppliers compete with each other, but data from MoneySuperMarket has found that the number of removals has leapt.
It said 65 tariffs have been pulled so far this week, either for repricing or withdrawn completely. That compares with just 14 removals for last week, 19 for the week commencing 16 February, and 11 for the week before that.
Of the so-called ‘Big Six’ firms who supply most of the UK’s energy, only Octopus and EDF have confirmed they are still offering fixed deals.
The BBC understands E.On is also still offering a fixed tariff while British Gas, Ovo, and Scottish Energy have all pulled theirs.
The energy price cap means those on a variable tariff won’t see a price rise in their energy bills until at least July, and those on a fixed rate won’t see a rise until their term ends.
However, Energy UK’s deputy policy director Ned Hammond added that “should current gas prices remain as high as they are for several more weeks, this could have a material impact on future price caps”.