To Fix or not?

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gatita
gatita Posts: 1,283 Forumite
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in Energy
I am with First Utility and so far had no problems at all. I received an offer from F.U. fixed for 3 years. I have tried to make a comparison, but to me it is SO complicated.
I am currently on First Fixed May 2017 and pay by variable direct debit.
The offer they have is: First Fixed June 19.
I would REALLY appreciate someone that can figure out these deals to let me know if it would be a good idea to fix?
Surely the price of gas and electricity can only go up?
I have dual fuel. annual usage Gas 7.500 Elec. 1.300 (I am away a laot in the winter!!
Thank you in advance
When man sacrifices the Love of POWER for the Power of Love, there will be peace on earth.

Comments

  • CashStrapped
    CashStrapped Posts: 1,294 Forumite
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    edited 16 October 2016 at 10:45PM
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    Based on our immediate political and economic situation. One would think tat prices may go up from now. But....no one has a crystal ball.

    So you can either go for a long term fix.

    Or just go for the cheapest available tariff (usually 1 year fix).

    It's that simple.

    Regardless of when you use the gas or electric. The cheapest tariff is the cheapest tariff for your use.

    Do a comparison. Pick the cheapest or cheapest long term fix

    Ensure when you compare you use KWH as follows 7500 gas and 1500 electric. No decimal place.

    How did you get those figures? Did you calculate them yourself, or from a bill?
  • gatita
    gatita Posts: 1,283 Forumite
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    edited 16 October 2016 at 10:55PM
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    (like your name¬!) I got the figures from my annual forecast.

    I have tried to do a comparison but I find it mind boggling! I am an old lady!lol. and not very savvy at these things.
    When man sacrifices the Love of POWER for the Power of Love, there will be peace on earth.
  • CashStrapped
    CashStrapped Posts: 1,294 Forumite
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    Depending how long you have been there - they may not be accurate.

    If you do it manually you need to look for two readings (for both gas and electric) around 1 year apart. Then you subtract the old reading from the most recent one.

    It can be good to double check.

    Other than that - the above still applies to comparisons. Just compare and see what comes up. There are still very cheap deals available.
  • gatita
    gatita Posts: 1,283 Forumite
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    Can anyone else help me please?
    When man sacrifices the Love of POWER for the Power of Love, there will be peace on earth.
  • bsod
    bsod Posts: 1,225 Forumite
    edited 18 October 2016 at 10:22PM
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    no-one can tell you if it's a good idea, a few months ago that usage would have cost around £465pa, which is the lowest for a few years because prices have been dropping, but prices are creeping up currently, what they'll be in three years time is anyone's guess.

    The usage estimates can bear little relation to the reality, so check the bills, and plug the figures into a comparison site
    Don't you dare criticise what you cannot understand
  • Pincher
    Pincher Posts: 6,552 Forumite
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    gatita wrote: »
    annual usage Gas 7.500 Elec. 1.300 (I am away a laot in the winter!

    At that kind of low usage, I would worry about the Standing Charge more.
  • Cardew
    Cardew Posts: 29,037 Forumite
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    gatita wrote: »
    Can anyone else help me please?

    In the 12+ years you have been a member of this forum, your question has been asked many many times, and it still requires a crystal ball to answer.

    When the first long term fixed tariffs - around 2004 - were offered they turned out to be a good deal as prices rose regularly.

    Then some energy companies pitched their prices too high and they were a poor deal.

    In the last couple of years prices have dropped, which few people predicted.

    There are still too many unknown factors to make any predictions now. Obviously weak Sterling will eventually raise prices. However the USA and Canada have so much surplus gas from fracking and shale gas they can export it cheaply to the UK.

    Personally I would not go above a 1year fix if there was a large premium for longer fixed tariff - but my crystal ball is very clouded.
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