The fixed vs variable debate comes around every quarter when Ofgem announces the new price cap. In April 2026, the answer is clearer than it has been for some time — here is the full picture.

Where the Cap Sits Right Now

The Q2 2026 Ofgem price cap equates to approximately £1,849/year for a typical household — electricity at 24.5p/kWh and gas at 6.24p/kWh. This is the rate you pay on a standard variable tariff if you are with a mainstream supplier. If you want to find the cheapest utility provider, it only takes a few minutes.

What Fixed Deals Look Like in April 2026

The best fixed tariffs available in April 2026 sit 3-6% below the current cap rate — equating to savings of £55-£110/year for a typical household on a 12-month fix. The most competitive deals come from Octopus Energy, E.ON Next, and EDF, with rates around 23-24p/kWh for electricity and 5.9-6.1p/kWh for gas. These deals require a smart meter in most cases.

The Forecast That Changes Everything

Ofgem’s Q3 2026 cap announcement (expected late May) is the key variable. Early analyst consensus suggests a 3-5% rise from July — driven by wholesale gas market movements. If the cap rises to around £1,900-£1,950/year equivalent, fixing now at £1,740-£1,794/year looks very attractive. If it falls instead, you would be better on variable. The weight of current evidence favours fixing. You can also compare utility providers to see what’s available.

The Verdict

For most households in April 2026: fix for 12 months if you can find a deal 4%+ below the current cap. The combination of below-cap rates now and a likely Q3 rise creates a clear window. Check exit fees carefully — £25-£50 per fuel to leave early can erode the saving if you switch again mid-contract. Compare the best fixed deals available today.