-£132 to fix. I don't understand what it means!

maryotuam

My brain isn't working well (and my excuse is chronic illhealth). I've heeded all the advice to fix my gas and electricity bills because of the likely hike in prices after Scottish Power put up theirs by 20%.
We were on a good deal with E-on (not fixed or capped) and the deal that came up top on Energyhelplines's list was EDF FixedS@v2.

However, at minus £132 I can't be sure if I've done the right thing. I know there is a strong likelihood My present supplier E-on will put up their prices soon but all I know now is I've tied us into paying more.
Can anyone tell me quickly (whilst I still have time to cancel) if I've done the right thing?

ANGLICANPAT

As I see it, the fixed rate options are superficially more expensive than the variable tariffs , so what youve seen quoted , is probably what youd pay over the odds per year against your present variable tarrif. This may look scary now, but in a while if your variable went up dramatically , it could end up costing a lot more than the fixed youve got. . You need to look what percentage the fix is over your present annual payment, and decide whether you think your present company might rise less or more than that . The fixes are a gamble .

kidohno

Yes you've done a good thing. EON will increase their prices soon.

maryotuam

I believe it's 10% more. I'm confident myself that E-on will join in with the big increase. There's no way Scottish Power would go it alone. I'm sure the big 6 had a meeting behind the scenes first. It's my OH needs convincing but he's too lazy to do his own homework. Hopefully I can tell him "I told you so" pretty soon.

Thanks so much Angliab Pat and kidohno