Standard (or variable) tariff
This is a variable tariff so prices can go up or down. If you signed up with your supplier on a particular deal which has since ended and you’ve not switched, you’ll probably have ended up on this tariff.
Standard tariffs are flexible because they’re typically the supplier’s default pricing plan, there won’t usually be any exit or cancellation fees and you should be free to leave at any point. However, although you’ve got the flexibility to switch at a moment’s notice, the tariff probably won’t offer the supplier’s best price and cancellation fees on fixed tariffs are often just £30.
Fixed rate tariffs
Under this tariff, you’ll pay a fixed rate for your energy for a set period of time (usually 12 to 18 months). After this you’re free to switch and save again, but if you leave early, you’ll probably be charged an exit fee.
Fixed rates are good if you like to play it safe and be able to plan your expenses to the last digit, the rates you’ll pay will probably be lower than those of the standard tariff too.