Is there any point in switching?

cagneyfan

Advice please. I'm with scottish Power for gas, but is there any point in going through all the palaver of switching only to find the company you've switched to also increases their prices just after you've joined them?

I'm on a standard tariff and pay quarterly by paper bill.

I get my my leccy from Npower.I prefer not to go dual fuel. Advice most welcome please.

Is anyone else switching yet from Scottish Power or are you like me and wondering if it's a case of out the frying pan into another one!

Newcroft

I find it strange that firms like Scottish Power are only too willing to offer customers a tariff that will last for several years; and yet they allegedly are unable to forecast the cost of gas and electricity for next year, never mind several years hence. They still make money though. Strange, isn't it?

I personally will be waiting until the panic has died down - and then see what is on offer.

Premier_2

cagneyfan wrote: »

Advice please. I'm with scottish Power for gas, but is there any point in going through all the palaver of switching only to find the company you've switched to also increases their prices just after you've joined them?

I'm on a standard tariff and pay quarterly by paper bill.

I get my my leccy from Npower.I prefer not to go dual fuel. Advice most welcome please.

Is anyone else switching yet from Scottish Power or are you like me and wondering if it's a case of out the frying pan into another one!

The advice is to change to a fixed or capped rate tariff, then you know the prices won't go up.

If you don't want this (or as with me, it can't be justified financially), then you are correct to wait until the other suppliers show their hands before deciding to switch.

Ferr96

Newcroft wrote: »

I find it strange that firms like Scottish Power are only too willing to offer customers a tariff that will last for several years; and yet they allegedly are unable to forecast the cost of gas and electricity for next year, never mind several years hence. They still make money though. Strange, isn't it?

I personally will be waiting until the panic has died down - and then see what is on offer.

The longest tariff is normally 4 years. there price is based on the cost of wholesale gas and electric...so no they cant predict what the cost is going to be next year.

Secondly, they buy the gas and electric in advance to cover the amount your household uses during the course of the tariff, 1 so they can guarentee ur rates, and 2 so they can guarentee a profit.

My Advice to the 1st poster would be:

Go dual fuel with a company for a discount.
Pay direct debit for a further discount.
Get on a Fixed or capped tariff with a guarenteed secure price for a few years.
Stop paying for your bills in the most expensive way humanly possible.

Premier_2

Ferr96 wrote: »

...Go dual fuel with a company for a discount...

Better still use a comparison site to check what is chaepest

(I particularly like energyhelpline in this respect as you simply tab from dual fuel to the two single fuels, but at least one other comparison site offers similar functionality).

It may be that single fuels are actually cheaper than dual fuel with the associated discount . It's currently looking likely that way for me ... (depending on how much Mr Levermore puts up his gas by)

Ferr96

You cant get a capped rate for a solus gas contract i dont think... i havent heard of 1 anyway and i work in the industry. Surely capping your rates is the most important thing right now.

Premier_2

Ferr96 wrote: »

You cant get a capped rate for a solus gas contract i dont think... i havent heard of 1 anyway and i work in the industry. Surely capping your rates is the most important thing right now.

It depends.

Many of the capped rates (at least for dual fuel) are more expensive for me than the whopping imcreased cost that SP are planning to charge me.

So depending on how much other suppliers increase their tariffs, and depending on where you think prices will go in the future (e.g. whether or not you think there will be another whopping increase in December) then it may be better to stay on variable rates.


Edit:
According to energyhelpline, Eon/AgeUK and nPower appear to offer capped/fixed gas only deals currently

Ferr96

Personally, i think this isnt the end of the increases...

But, if you do, i would advise you going on scottish powers OLE 14 tariff, as it is a discounted online variable rate. You probably already know that, but the difference is, it is the only variable tariff with SP that will NOT be affected by the price increase. It is also scottish powers cheapest rate right now (excluding the sp direct just released, which will change in price) an will definetly be after the price increases.

Im sure if your already with SP, you will be able to switch to it.