I'm already on a capped deal, do I switch now to beat the impending price rises ?.

Noswal1

:question: I am already on a dual fuel capped rate untill Oct 31st 2008 with Scottish Power (with no lock in), if I switch now to their latter capped rate (expires 31st Aug 2009) it will cost me an extra 30% and I will be locked in untill that date.
Alternativly, I could go with EON (capped to 30th Sept 2009) with no lock ins but that is an extra 37% above what I'm paying now.

I really am in a dilema as to whether I should switch now and incure the extra as set out above, or wait untill 1st Nov when I will have to pay the extra 30-37% PLUS the predicted 15-40% price rise that are on the way in late summer/early autumn (as stated by Martin Lewis recently).

dursleyman

Sounds like you are on the same deal as me which runs out in October 2008. I have done the comparisons as well and they all come out costing us a lot more than we pay now. I guess that puts us in more or less the same position as someone with no cap at all as it will run out just when things may get expensive.
I am still trying to make up my mind which way to jump!

Noswal1

It appears we may be the only ones out there with this problem dursleyman, as we have not had any advice from anyone, maybe I've posted this thread in the wrong area ?.

John_3:16

Sorry you have had no reply. I was in the same boat as you 2 mths ago. On the same deal as you and I opted for the 2011 deal with SP. I took the chance then. I felt it was better taking the hit now to gain later.
My reason being. Low energy use over the summer so the price would not be as high as the winter. In October you will have to change anyway, so 4 mths of higher prices is what you will be paying. Th question is, Do you think energy prices are going to go up, and by how much, only you can answer that one. Me I think they will go up by about 30%. Search scottish power and see if anything comes up