Fixed energy price deals offers hope on energy costs for households

A move by Flogas to offer fixed energy prices to customers is seen as a sign that rising energy costs for consumers may be coming to an end. 

Flogas is now offering a fixed unit price for gas, electricity and dual fuel for both new and existing customers. The standing charge is also fixed.

On top of this, Flogas is offering €300 welcome credit to everyone signing up to a dual fuel plan. And €150 welcome credit to those who sign up to a gas or electricity plan only.

The fixed offer from Flogas has been described as one of the cheapest in the market at the moment. 

It is anticipated that other energy suppliers will offer similar fixed-rate deals. 

The last fixed deal on offer in Ireland was from Budget Energy and Iberdrola back in 2020, two energy suppliers who have since exited the Irish market.

Daragh Cassidy, head of communications at bonkers.ie, said although wholesale energy prices have eased slightly in recent weeks, the outlook is still very uncertain. He noted in December that the wholesale price of electricity shot up again having fallen for a few months in a row. 

"Given all the uncertainty, many households have been asking for fixed energy deals where they’re guaranteed a certain price for their gas and electricity for a year or so," he said. 

"Usually fixed energy deals are more expensive than variable deals as you’re paying for the certainty of locking in a price for an entire year. However most households who use an average amount of gas and electricity will find these deals among the cheapest in the market right now," Mr Cassidy said. 

You can read more about the fixed-rate details on the Bonkers.ie website here