Brits only have a matter of hours left to get an energy tariff that is £109 cheaper than the current Ofgem price cap.

EDF Energy has announced that it will be withdrawing its Essentials 1Yr Apr25 tariff from sale at 4pm today and has urged Brits to take advantage of its "market-leading" deal whilst it's still available. Its one-year fixed rate deal sits at £1,581 per year and is £109 below Ofgem April price cap of £1,690.

EDF says the move was due to the updated predictions for how the energy price cap will rise in the Autumn of this year. Consultancy firm Cornwall Insight has predicted that the price cap will fall by a further 8% in July to around £1,560. However, the firm believes that it could rise again to over £1,630 by the end of the year.

In the few weeks since the product launch, EDF said the price of wholesale gas has increased significantly so it was unable to keep the product on sale. Rich Hughes, director of retail at EDF said: "Wholesale energy prices have been falling for several months now, bringing welcome relief to consumers and means we have been able to offer our best fixed price tariff since 2021. However, given the recent rises in energy prices, if consumers want to secure our most affordable energy tariff they need to act now."

“By fixing onto what we believe is the market-leading tariff – which is priced £109 below the current price cap - customers can mitigate the impact of potential future price fluctuations and see savings on their energy bills against the anticipated price cap rise.”

The Ofgem price cap is applied to "default" tariffs which are also known as standard variable rate (SVR) tariffs. You'll be on one of these if you're not locked into a fixed deal, or you didn't switch to a new tariff when your previous fix expires. According to EDF, customers who switched to the new deal will be paying the following rates for the next year:

  • 5.62p per kilowatt hour (p/kWh) for gas
  • 23.74p/kWh for electricity
  • A standing charge of 32.04p per day for gas
  • A standing charge of 40.78p per day for electricity

If you want to take advantage of EDF 12-month fix, you will need to be quick. The deal is available for both new and existing EDF customers. Those can directly access the deal, while others can sign up through Uswitch. The deal does require you to have - or agree to have - a smart meter installed. Existing customers can sign up through their online account or through the EDF app.