It is incredibly difficult to find a good deal when it comes to energy at the moment.

With suppliers going bust and more teetering on the edge, plus market forces that are disrupting supply, the advice for most people right now is generally – do nothing.

However, if you have to switch – and with the market cap set to rise in April – knowing your options and what to do makes sense.

What fixes are good value?

Honestly – very few right now. If you have to switch, Utility Warehouse does offer good terms. To get the best out of that you should also consider switching your broadband.

What should I avoid?

If your supplier has gone bust, don’t switch to another supplier straight away. Ofgem will allocate a new supplier, however, the terms will be different. You should not attempt to change suppliers before the switch is complete – doing this can make it more difficult to obtain any money you were owed by your original supplier.

What factors are at play right now?

There are several things that have pushed up prices in recent months including;

A fire at a major substation in France that supplies UK energy.

The global demand for LNG – more ships to transport it are being built but this is not a quick process.

The UK also has a limited gas storage capability (in comparison to other nations) which makes it harder to buy up large quantities.

What should I do?

Right now, it is worth checking your prices, maybe even obtaining some quotes. Off-market deals like Utility Warehouse are not on price comparison sites, so shopping around is essential.

It may be that the best thing to do is to stay put on your current deal if you still have time on a good fix – however, if your deal is expiring or due to expire before the price cap changes in April (perhaps even when the price is announced – suppliers will scramble to move their prices) then watch very closely and know your options.