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Eon Next has cut the price of two 24-month fixed tariffs so that they both sit lower than the new October energy price cap.

This makes them the cheapest two-year deals from a major supplier. 

The tariffs could offer even better savings in 2027 if the forecasts for January's cap are accurate.

Households on a standard tariff that pay by direct debit could see energy bills increasing by 25 per cent against October's level, based on current predictions.

The next price cap will be announced by Ofgem, the energy regulator, at the end of November.

If the forecasts come true, elevated energy bills will be here to stay until at least the end of March 2027 – and supplier EDF Energy expects bills to be 'stubbornly high' until the end of the decade.

Fixing your tariff for two years means you'll be protected against any future energy price shocks. 

But if energy prices fall, you'll need to pay exit fees to switch to a better deal – Eon Next charges £100 per fuel to leave.

> Compare the cheapest fixed energy tariffs with Uswitch* 

Eon Next has cut the price of its standard two-year fixed tariff as well as its Smart Saver tariff, which is a time-of-use tariff that offers cheaper electricity at off-peak times.

You must have a smart meter to take out this tariff, because Eon Next needs your energy usage data at half-hour intervals to charge you the right price.

As the unit cost of energy changes on this tariff, Eon Next calculates the quoted annual bill below based on average usage across peak, off-peak and super off-peak periods.

Keep in mind that neither the energy price cap nor fixed tariffs limit the total cost of your bill.

Instead, they set the maximum price that suppliers can charge for each unit of energy you use.

The annual amount you'll usually see quoted is what the average household can expect to pay – Ofgem classes the average household as one with two to three people living in it.

If you use more or less energy than average, your annual bill will look different to these quoted amounts.

If you haven't fixed in a year or more, it's likely you're on a variable tariff. This means you're subject to the energy price cap, which Ofgem sets every three months. 

All ten cheapest fixed energy tariffs according to the price comparison website Uswitch are 18-month or two-year deals.

It's also possible to fix for just one year, but the cost of these tariffs is currently higher than longer fixes.

With the energy market remaining volatile and subject to geopolitical events that can't be foreseen, it's very difficult to predict where prices will go.

Even supplier predictions for January are offered with low certainty, although the continuing Middle East conflict means prices are expected to remain elevated.

Supplier predictions for the January 2027 price cap 

• British Gas prediction: £2,160 for the average household
• EDF Energy prediction: £2,165 for the average household
• Eon Next prediction: £2,131 for the average household

Fixing for two years gives you long-term certainty over the cost of your energy, allowing you to budget and plan for how much energy to use.

But if the geopolitical situation were to change and the cost of energy eases later in 2027, you might find there are cheaper tariffs available.

It's therefore important to factor exit fees into your decision. Keeping these low enough that you'll be happy to pay them to move to a better deal should give you some flexibility.