advice?

debt.b.gone

Following the price hike by scottish power i am slightly confused as to what i should do.

We are currently with SP and pay £770 annually. Having done a comparison search we could cap with EDF until sept 2012 for £771. I have looked at capping with scottish power and it would cost ££864, but this would be until June 2013.

Which would be the wisest move....cap for longer with SP or go with EDF?

Thanks in advance.

grizzly1911

Only real benefit of fixed/cap tariffs is that you have a degree of certainty over price (not consumption) for a given period.

The problem is that if prices fall during your contract you lose and if they go up then you have a bigger leap at the end to rejoin the escalator. Of course they may drop at the end but unlikely.

In the long run you will not beat it.

Premier_2

Who knows what will happen to prices over the next 2 years.

Just before Christmas, some self-procliamed experts were forecasting a fall in prices by the late Spring this year... how wrong were they?

But if you want the surety of knowing you will not pay more than a certain amount, then cap for as long as possible. (Whilst a capped deal may also fall if that's the way market conditions go, there is no guarantee they will fall to match market conditions)

victor2

If you're happy with SP I'd stay with them on the capped prices for the longer period. Costs a little more, but you'll get another winter at a capped rate out of it.

dollydaydream07

debt.b.gone wrote: »

Following the price hike by scottish power i am slightly confused as to what i should do.

We are currently with SP and pay £770 annually. Having done a comparison search we could cap with EDF until sept 2012 for £771. I have looked at capping with scottish power and it would cost ££864, but this would be until June 2013.

Which would be the wisest move....cap for longer with SP or go with EDF?

Thanks in advance.

we are also with SP and wondering what to do for the best

what SP tarriff are you currently on and which one would you be switching to??

debt.b.gone

Thanks Everyone - have decided to cap with scottish power until June 2013. Not sure whether it was the best financially but we have never had any problems with scottish power and if they do increase the direct debit payment it should be by an affordable amount. We are currently in credit with the account so I am hoping they will not increase the monthly direct debit.

dollydaydream07 - we were on the fix & flex online NSC (due to come to an end august), have now fixed in on the Online Capped Price Energy June 2013 Version B (No Standing Charge). Had an email to confirm the change and that we will now not be affected by any further price increase that occur before June 2013.

I've opted for security of knowing that our prices are now fixed for a couple of years.

Thanks again everyone!