Capped gas & electricity

space_rider

hollydays wrote: »

There is a £30 penalty fee with eon,if you come out (you can after a month I think).I am with them capped,and when I tried to ring them yesterday they said they will ring me back today.Your own supplier may also charge a fee.

Isn`t it only if you go on the capped one with the energy monitor?

space_rider

Old_Tom wrote: »

Whilst I am indebted to this site for personally saving several hundreds of pounds over a few years, I do wonder whether the current capping hysteria is sound advice.

My present tariffs are as cheap as I can get on the comparison sites - and about 20% cheaper than the best capping.

I have been urged to consider capping for several months now, I have resisted and have therefore saved 20% off my fuel bills. If the 40% forecast increase were true and I had resisted for six months the increase, over a year would only average 20% - the same as the capped rate therefore no extra cost!

I capped day before the Feb price rise so only paid 20% more for 1 day. It`s all about timing and for once I got it right!

slipthru

space_rider wrote: »

Isn`t it only if you go on the capped one with the energy monitor?

Yes that's correct, i just signed up for e.on price protection Oct 2009 and there is no cancellation fee.

fossman

Quick question, if you sign upto a capped tariff it means the price can't go any higher.

Does it also state the prices wont get any lower?

Was just thinking that if the price of gas/oil does drop and the energy suppliers drop the prices might they drop the prices of the capped tariffs too?

slipthru

It drops if the suppliers standard price drops lower than the price you are paying.

SiuLoong

fossman wrote: »

Quick question, if you sign upto a capped tariff it means the price can't go any higher.

Does it also state the prices wont get any lower?

Was just thinking that if the price of gas/oil does drop and the energy suppliers drop the prices might they drop the prices of the capped tariffs too?

The price will drop, it is capped not fixed, however its likely to stay a bit more expensive than the standard rate if prices do end up dropping, however I think a drop is unlikely. Oil prices may have dropped a little but they are still significantly higher than the last time energy companies raised their prices.

mazdaspring

hollydays wrote: »

You agree to buy the gas and electric at a fixed rate (may be a bit higher than the current rate) ,but it is guarenteed at that price for 18 months for example ,the price
cannot go up.

Thank you so much

billsavings

Capping/Fixing is explained by MSE here: http://www.moneysavingexpert.com/utilities/you-switch-gas-electricity#capped