British Gas has launched a new Fix & Fall tariff, described as the only product of its kind currently on the market, allowing customers to lock in energy prices for two years while still benefiting if prices fall.
Yesterday Ofgem said this summer’s price cap would rise by 13% to an average of £1663.
Under the tariff, rates are fixed for two years but if the Ofgem price cap drops on 1 July 2027, British Gas will automatically lower customers’ rates by up to £50 on the average dual fuel bill.
Customers on the tariff also qualify for half price electricity between 11am and 4pm on Sundays through the PeakSave scheme.
The tariff follows a trial period involving hundreds of customers and has been developed in response to ongoing market uncertainty around energy prices.
Gary Booker, Managing Director of British Gas, said: “With Fix & Fall, we want to give customers the real peace of mind that we know they want. Their prices won’t go up for the next two years but if prices do fall in the next year, then we’ll automatically lower the rates.”
Alongside the tariff launch, British Gas has committed £40m to assist households facing financial hardship through the British Gas Energy Trust.
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