British Gas Price protection decision

bluejonny

Hi all

Need some advice. We have received a letter today from BG saying our price protection is coming to an end. The letter says we can sign up for price protection again until March 2015 but it says

"price protection 2015 can offer you ongoing peace of mind as you can fix your energy prices until March 2015. Then if our standard prices change, your prices are guaranteed to stay the same for the next 3 winters - for just - 7.1% premium on top of our standard tariff unit rates."

Is this a good deal? Any advice?

Thanks

Bluejonny

Airmike23

I would put annual usage into any comparison site, BG Standard tariff is already pretty uncompetitive, so they are offering a deal that is even more expensive (!) and they offer a shorter fix until June 2013 that is slightly cheaper than BG standard tariff rates, but does still have an early termination fee of £70 (£35 per fuel). EDF currently have a v cheap fix til March 2013, and Scottish Power also have a v competitve fix until 30-4-13 too.

macman

Impossible to say-we don't know where prices will be in 6m, let alone 3 years.
If you go for this, it could be a great deal, or a terrible one-no-one knows.
Think of it as buying insurance-if you can afford the premium for the 'peace of mind', then maybe so.
But first use a comp site with your annual kWh figures to see what else is on offer.