Fixed Energy Tariff Ending in May 2026: Should You Switch Now?

If your fixed tariff ends in May 2026, you don't have to wait until the last day to switch. Here's a clear decision framework: when to switch early, when to ride out the fix, and how to time the switch around the Ofgem Q3 cap announcement on 27 May.

  • What happens if you do nothing — and why most suppliers move you to SVT (which is at the cap)
  • Two scenarios where switching early saves money
  • When riding out the fix and switching on the end date is cheaper
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What happens when your fix ends in May 2026

Default outcome: most suppliers automatically transfer expiring fixed-tariff customers onto their standard variable tariff (SVT), which is priced at the Ofgem cap. For a typical household this means going from your existing fix rate to roughly £1,641/year.

If your fix was below the current cap, this is a price rise. If above the cap (less common in May 2026), it's a fall. Either way, doing nothing is rarely optimal.

Scenario 1: switch now if exit fees are zero or low

If your existing fix has no exit fees, or fees less than the savings of switching early, do it now.

Worked example:

  • Current fix: £1,720/year (sat above current cap, possibly fixed in late 2025).
  • Best new fix today: £1,560/year, no exit fees on new tariff.
  • Time remaining on current fix: 4 weeks.
  • Annual saving from switching: £160.
  • Saving for the 4 remaining weeks of old contract: £160 × (4/52) ≈ £12.
  • Decision: switch immediately if exit fees are below £12.

Scenario 2: ride it out if exit fees are high

If your fix has £75+ exit fees, riding it out is usually cheaper.

Worked example:

  • Current fix: £1,710/year, £75 exit fee.
  • Best new fix: £1,560/year.
  • Time remaining: 4 weeks.
  • Switching now: 4 weeks of saving (~£12) minus £75 exit fee = -£63.
  • Decision: wait. Set a calendar reminder for 4 weeks before fix ends.

Timing around the 27 May Q3 cap announcement

If your fix ends in late May or early June, the Q3 cap announcement on 27 May affects your decision:

  • If Q3 cap rises: fix-deal pricing typically rises with it. Locking a new fix before 27 May can be marginally better.
  • If Q3 cap falls: fix-deal pricing tends to soften. Waiting a few days into late May can yield slightly cheaper fixes.
  • In practice: the difference is usually small (typically <1%). For most households, "switch when convenient" beats "time the market".

Steps to switch before your fix ends

  1. Find your fix end date. Look on your last annual statement or in your supplier app.
  2. Check exit fees. If <£20, treat as zero. If >£75, ride out unless savings are very large.
  3. Compare for your postcode 4 weeks before end date. This is a regulatory window where exit fees are waived if you switch within it.
  4. Switch. Pick a new fix 3–7% below current cap. Prefer no-exit-fee where similar pricing.
  5. Confirm. Take meter readings on switch day and check your first new bill carefully.

If you're not sure when your fix ends

Three places to find your fix end date:

  • Annual statement: sent yearly by your supplier. Lists the tariff name and end date.
  • Supplier app or online account: usually shown on your account home screen.
  • Welcome letter from when you signed up: archived in email or paperwork.

If you genuinely can't find it, call your supplier — they can confirm in seconds.

Frequently Asked Questions

My fixed tariff ends in May 2026 — should I switch now?

If your tariff has zero or low exit fees, yes. If it has £75+ exit fees, usually wait until the 4-week window before end date when fees are waived.

What happens if I do nothing when my fix ends?

Your supplier will move you onto their standard variable tariff (SVT) at the Ofgem cap. For typical usage that's £1,641/year, often £60–£100 more than the cheapest fixed deal.

Can my supplier charge exit fees if I switch within 49 days of fix end?

No — Ofgem rules require the 49-day end-of-fix window where exit fees are waived. This is also when most consumer-friendly switching happens.

Should I wait until 27 May 2026 to lock in a new fix?

Usually only matters if you're considering 24m+ fixes. For 12-month fixes, the difference is typically small. Switch when convenient.

What if my new fix is more expensive than my old one?

Compare against the cap, not against your old fix. If your old fix was unusually cheap (locked in 2024), the next fix being higher doesn't mean it's bad — it just means rates moved.

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Information is for general guidance based on Ofgem published cap data and supplier pricing as of early May 2026. Specific rates depend on your postcode, meter type and tariff terms. Always check the latest tariff details before switching. EnergyPlus is an independent comparison service.

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Updated on 2 May 2026