confused.com!!!

liannee22

I have been looking at gas and electricity tariffs for the past week and im getting soooooo confused, can someone help me out!!!

im currently with british gas standard dual fuel, i use annually 11,500kw of gas and 4124kw electricity. I wanted to fix/cap my rates following all the press about energy increases but from what i can see they add an additonal 20-25% on your bill. Im not financially struggling at the moment i am just comfortable but feel i would struggle if prices went up much more so im not quite sure what to do!!!

any idvice would be appreciated! x x

macman

Curious. I've put your figs into energyhelpline using a Cheshire postcode, and I get very different results. BG Standard (which is their most expensive variable tariff-why are you still on that?) costs £939pa.
Two fixes still come up cheaper than BG Standard (EDF Fixed Saver v2 and nPower Go Fix 6), saving you £35 and £28 respectively-that's a 4% and 3% difference, not 20-25%. Even the 10th cheapest one is only 11% more (SP Fix 2013).
IMHO EDF FSv2 is a good option at present, as it costs about the same and gives you a fix through next winter until Sept 2012. Longer fixes will of course come at a premium. But you need to move fast, as these are likely to be canned at any time now.
I suggest you broaden your choice of comp sites, confused is better know for home and motor insurance.

liannee22

thats why ive asked for help!!

i originally moved to british gas on a websaver tarrif but didnt look at my statement in much detail untill recently and when i looked they had taken me off this and put me onto standard, i called them and they said it had expired in aug of last year and they were under no obligation to inform me that they have put me onto a standard tarif... hence why i want to swap...

macman

It's normal. Once your tariff expires you will revert to Standard-though you should have received an email or letter informing you of that though. Unfortunately that means all your winter bills have been on expensive Standard rates.
Recheck your figs using the MSE recommended sites on the main board: you can still get a fix for much less than 20-25% premium if you move fast.

liannee22

macman wrote: »

It's normal. Once your tariff expires you will revert to Standard-though you should have received an email or letter informing you of that though. Unfortunately that means all your winter bills have been on expensive Standard rates.
Recheck your figs using the MSE recommended sites on the main board: you can still get a fix for much less than 20-25% premium if you move fast.

will do thanks for your advice x

liannee22

is it worth fixing to 2014?? its not that much extra, are prices likely to come down in anyones opinion? i got stuck with my mortgage fixing cause i was worried about prices and fixed at a rediculously high rate for 5 years!! 1 yr left...

macman

EDF Saver 2014? No-one knows, if we did then we'd all do the same thing.
It is a much higher premium, probably about £100 pa over the FSv2. Essentially you are buying insurance-only you can decide if that premium is worth it.
Few believe that prices will fall, but they may not go up as much as the fixed tariffs budget for, and it's a very long lock in, with variable ETC's attached.

liannee22

ok thanks, ill have a think about it x

ihateyes

i wouldve thought waiting til all energy companies show their hand would be better... they will all offer a fixed price deal, and signing up the first that shows the hand wont necessarily be the first.
All it does is give Scottish power first chance at the market.

macman

But all the new fixes will be at much higher rates.

ihateyes

macman wrote: »

But all the new fixes will be at much higher rates.

possibly, but all energy companies plan for the future..
the other 5 will have already decided on their new prices, and when they take... the only question is when do we announce... now or 30days prior to increase