Cornwall Insight's final forecast (post 18 May observation-window close) projects the July 2026 Ofgem price cap at approximately £1,850 for a typical dual-fuel household on Direct Debit — a 13% rise (£209/yr) on the May 2026 level of £1,641. E.ON Next's 19 May prediction sits at £1,849; EDF forecasts £1,937. Elevated wholesale gas prices following Middle East supply disruption are the main driver.
Official figure confirmed by Ofgem on Wednesday 27 May 2026. This page updates within 1 hour of release. See deals priced below the £1,850 forecast →
EnergyPlus · May 2026
Compare UK energy prices May 2026 — gas & electricity rates right now
UK gas and electricity prices are set by Ofgem's quarterly default tariff cap, but the cheapest tariff for your home depends on your postcode, meter type and usage. In May 2026 the April–June cap is still in force, the July–September figure is due to be announced later this month, and the cheapest 12-month fixes sit a few percent below the cap on typical use. This page explains what you'll actually pay this month, where the best deals are, and how to compare them like-for-like.
Editorial information, not financial advice. Prices and policy can change — always confirm against the supplier and Ofgem.
UK energy prices — May 2026 at a glance
On the April–June 2026 Ofgem default tariff cap, a typical UK dual-fuel direct-debit household (2,700 kWh electricity / 11,500 kWh gas) pays around the cap-set figure across the year. The cheapest 12-month fixes in May 2026 undercut the cap by roughly 2–6% on typical use, and several major suppliers offer no-exit-fee fixes priced at or just below the cap. Tracker tariffs and off-peak smart-meter tariffs continue to deliver the lowest unit rates for households that can use them.
Quick checklist (May 2026):
- April–June 2026 default tariff cap is in force — July–September figure announced in late May.
- Cheapest 12-month fixes: ~2–6% below cap on typical dual-fuel use.
- Standing charge still applies daily, even on low-usage homes.
- PAYG (prepayment) cap continues to sit below the default cap from April 2024 onwards.
- Last updated
- May 2026
- Reviewed by
- Energy Specialist
- Audience
- UK households & small businesses
Get a tailored quote
Share a few details and we’ll match you to suppliers and tariffs that suit your home, meter and usage. The aim is to make quotes comparable — same term, same assumptions — so you can decide with confidence.
What we’ll do with your details: request and present supplier quotes, and contact you about your comparison. You can ask us to stop at any time.
What changes your quote most
Annual kWh
Drives the unit-rate portion of your bill.
Meter type
Single-rate, Economy 7/10, smart, half-hourly all price differently.
Postcode & region
Standing charges and tariff availability vary by network region.
Term & start date
Fixes of 12/18/24/36 months trade certainty for flexibility.
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No obligation. If you don’t know your usage, an adviser can help estimate it.
Tip: Your MPAN (and MPRN for gas) helps suppliers price more accurately. Both are on a recent bill.
UK gas and electricity prices in May 2026
A clear, current overview to help you choose with confidence.
Where unit rates sit in May 2026
Default tariff cap unit rates apply through 30 June 2026. Compare any quote against the current cap, not last year's headline figures — a tariff that beats the cap by 4–5p/kWh is genuinely good value today.
What's driving the cheapest deals
Wholesale gas softened through Q1 2026, which is why no-exit-fee 12-month fixes at or just under the cap have returned. Tracker tariffs are running below cap on most days in May.
Standing charges matter for low users
Standing charges still apply every day, even in summer when usage drops. Low-usage homes (<2,000 kWh electricity/year) should weight standing charge as heavily as unit rate when comparing.
Faster Switching is 5 working days
Under the Faster Switching guarantee, the switch from quote to live tariff is typically 5 working days. You don't lose supply at any point and you can cancel within 14 days.
Compare like-for-like
Indicative May 2026 product comparison. Use the form on this page to pull personalised quotes for your postcode, meter type and direct-debit profile.
| What to compare | Typical range (May 2026) | Notes |
|---|---|---|
| April–June 2026 Ofgem default tariff cap | Reference point | Capped quarterly; check ofgem.gov.uk for current values. |
| Cheapest 12-month fix (with exit fee) | ~2–6% below cap on typical use | Exit fees usually £50–£75/fuel — useful if you're staying put for the term. |
| No-exit-fee fixed tariff | At cap to ~2% below | Suits renters and home-movers. |
| Tracker tariff (Octopus / Eon Next Pulse) | Below cap most days in May 2026 | Daily wholesale-linked rate; requires SMETS2 smart meter. |
| Off-peak EV / time-of-use tariff | 5–10p/kWh overnight | SMETS2 + smart appliances or EV required. |
| Prepayment (PAYG) | Slightly below default cap | PAYG cap aligned just under default cap since April 2024. |
How to compare UK energy prices in May 2026
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1. Pull your annual kWh
Take electricity and gas kWh from your last bill or your supplier's app — the most recent 12 months is ideal.
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2. Confirm your meter type
Single-rate, Economy 7/10, smart or prepayment. Your meter limits which tariffs you can pick.
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3. Decide your priority
Lowest annual cost, certainty (fix), flexibility (no exit fee), or off-peak savings if you have a heat pump, EV or storage heaters.
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4. Run a whole-of-market comparison
Use the form on this page — it surfaces tariffs from across the market for your postcode, not just one supplier.
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5. Compare the full stack
Annual cost = unit rate × your kWh + standing charge × 365 + any exit fees you're likely to incur.
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6. Apply and submit reads
Your new supplier handles the switch end-to-end. Submit an opening meter read on day one to keep billing clean.
Common pitfalls to avoid
The most frequent issues we see when households and businesses act on what looks like a good deal.
- Comparing on unit rate alone — annual cost is unit rate × kWh + standing charge × 365.
- Fixing for 24 months in summer if you expect the cap to fall again by autumn.
- Forgetting to submit an opening meter read — it prevents back-billing disputes.
- Choosing a tracker without a smart meter — you can't see what you're paying daily.
Frequently asked questions
What is the UK energy price cap in May 2026?
The April–June 2026 default tariff cap is in force throughout May. It sets the maximum unit rate and standing charge a supplier can charge on a standard variable (default) tariff. The July–September 2026 cap is announced by Ofgem in late May. Fixed tariffs are not capped — they can sit above or below the cap.
Is now a good time to switch energy suppliers?
Yes for most households. The cheapest 12-month fixes in May 2026 sit roughly 2–6% below the current cap on typical use, and several no-exit-fee options are available. If you've been on a default tariff since the cap returned, you're almost certainly paying more than necessary.
What's a typical UK gas and electricity bill in May 2026?
On the April–June 2026 cap, a typical UK dual-fuel direct-debit household paying for 2,700 kWh of electricity and 11,500 kWh of gas pays the published cap figure spread across the year. Your actual bill depends on your usage — use the form on this page for a personalised quote.
Are fixed tariffs cheaper than the price cap?
In May 2026 the cheapest 12-month fixes sit a few percent below the cap on typical use. Whether they beat the cap over the full term depends on what the July, October and January caps do — a fix locks in certainty in exchange for that risk.
Should I get a smart meter?
Yes, if you can. A SMETS2 smart meter unlocks the cheapest tracker, time-of-use and EV tariffs, and lets your supplier bill from accurate half-hourly data rather than estimated reads. Installation is free from your current supplier.
Is there still a Warm Home Discount in May 2026?
Yes — Warm Home Discount eligibility was broadened for winter 2025/26, with a payment of £150 to eligible households. Eligibility for winter 2026/27 is being confirmed by DESNZ for autumn rollout. Check gov.uk for the latest scheme rules.
How long does switching take?
Five working days under the Faster Switching guarantee. You don't lose supply at any point during the switch, and you have a 14-day cooling-off period after applying.
Can I switch if I'm on a prepayment meter?
Yes — prepay customers can switch supplier and tariff. The PAYG cap continues to sit just below the default cap from April 2024 onwards, and an increasing number of PAYG fixes are available in 2026.
Trust, methodology and sources
Page governance
- Written by
- EnergyPlus Editorial Team
- Reviewed by
- Energy Specialist
- Last updated
- May 2026
How we keep this page current
We refresh this page each month against the latest Ofgem cap, supplier tariff changes and current scheme guidance. Worked numbers are illustrative; quotes you receive via the comparison form are personalised to your meter and postcode.
Editorial independence: our priority is clarity and like-for-like comparison. Where commercial relationships exist, options are still presented on suitability and the information available at the time.
Reputable UK sources we reference
If you spot anything that looks out of date (a rule change, a new scheme), please contact EnergyPlus so we can review and update this page.
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