Latest energy tariffs released

Last updated: 30/05/2024

In a welcomed move for millions, Ofgem has announced that the Energy Price Cap will decrease by an average of 7% starting from 1 July, bringing a slight reprieve to the majority of households in England, Scotland, and Wales who are on standard tariffs. This means that for every £100 currently spent on energy, consumers will see their bills reduce to approximately £93. However, this price drop is not set to last long, as forecasts already suggest a 12% increase by October.

Despite the forthcoming decrease in unit rates for both electricity and gas, standing charges will remain unchanged, meaning that higher energy consumers stand to gain more from the July adjustments.

Given these dynamics, securing a fixed tariff now could protect you from future hikes and offer substantial savings against a backdrop of uncertainty. So without further ado, lets take a look at some of the cheapest energy tariffs that were released in May 2024.

Highlighted tariffs for May 2024

May 2024 sees a mix of competitive offerings from various suppliers, with a focus on both sustainability and cost-efficiency. Here's a closer look at some standout tariffs:

1. Ecotricity's 1 Year Fixed Domestic Tariff V24.1

   • Effective: 02 May 2024
   • Average Bill: £1,540
   • Ecotricity continues to appeal to environmentally conscious consumers by offering competitively priced tariffs combined with a commitment to renewable energy sources.

2. Outfox the Market's Fix’d Dual May24 v2.0

   • Effective: 09 May 2024
   • Average Bill: £1,563
   • Known for its aggressively priced tariffs, Outfox the Market provides another budget-friendly option that undercuts many competitors, ideal for those looking to save without long-term commitments.

3. OVO Energy's 1 Year Fixed + Boiler Cover 16 May 2024

   • Effective: 16 May 2024
   • Average Bill: £1,492
   • Offering a blend of price stability and added value with boiler cover, this tariff from OVO Energy is perfect for homeowners seeking extra security and peace of mind.

All tariffs released last month

Here is the full list of energy tariffs that were released in May 2024.

For comparison purposes, energy prices shown above are based on the national averages. Prices may vary depending on the region you live in. To see the best deals for where you are, run an energy comparison using our Ofgem approved energy switching tool.