Help...do I switch now or wait?

LongTall_2

I have the edf dual fuel fix till march 2014, which is the cheapest on the market right now. My options are to stay with them till march and switch then, or to move to the 2015 fix for a 10% increase of 100 quid. Extra a year, or go to the 2017 fix for a 20% increase and 200 extra a year. What am I best to do...?

Want to minimise costs but how...?

apt

It is just guesswork which will end up costing less. Personally I would not give up a whole winter's worth of a significantly cheaper tariff.

stubev156

I am in the same boat with Scottish power. My cheap fix ends at the end of jan 14. It my current tariff is one of the cheapest around. Do I incur £50 cancellation fees and try and change, or wait until the end of January? I suppose it may be better to hold on until the winter has almost ended? Thanks.

stubev156

Just read the reply above. I think I will hold off of changing....until jan.

LongTall_2

I guess it's a gamble either way and whether the same fixed price deals will still be available in march or jan next year...if that's likely to be the case it's a no brainer to stay where you are.Thanks apt....I had been thinking that but am a rubbish gambler!

DragonQ

There's no way the fixes will be around that long. 4 of the "big 6" are putting up prices before the end of this year, the other two likely will as well. If you're lucky they might last to early December.

Remember that you get a "cooling off" period when switching to cancel so use it to your advantage.

2010

stubev156 wrote: »

Just read the reply above. I think I will hold off of changing....until jan.

Just be aware that holding off to Jan means the March 15 fix will be long gone, replaced by yet another higher priced tariff.
If you`re changing supplier, remember it takes about 8 weeks.

LongTall_2

DragonQ wrote: »

There's no way the fixes will be around that long. 4 of the "big 6" are putting up prices before the end of this year, the other two likely will as well. If you're lucky they might last to early December.

Remember that you get a "cooling off" period when switching to cancel so use it to your advantage.

What would you in my situation....? If I move tariff and fix now till next march 2015 will I be in the same position this time next year again... But I will have missed out on cheaper fuel this winter by switching....
I guess once the decision to move is made....the next question is how long to fix for.... When do you hit break even point...?
I just don't know what's best....

spot1034

You don't know that prices will be higher. Everyone seems to be scrambling to pay more in the short term and it might pay off, but it could be a mistake. If the Northern Hemisphere were to have a very mild winter, wholesale prices might fall a few per cent - this has happened before. In which case, there might be some better deals on the market next year than are available now. You also don't know what effect any removal of green levies might have and whether they would be removed from existing fixes - they might well not be as they are the same as wholesale costs where the provider loses if the cost goes up and gains if it goes down - that's how fixes work. I believe some of them actually say that the only factor which would alter the price is a change in the rate of VAT.

Of-course we might have a hard winter and prices race away upwards, but given that we have had two quite cold years it is probably just a little more likely statistically that this one could surprise on the mild side, and if this is widespread around the globe, it could well be reflected in prices next spring.

I'm on the EDF blue April 2014 fix and am staying with it till the end. It is too good to give up.

DragonQ

spot1034 wrote: »

If the Northern Hemisphere were to have a very mild winter, wholesale prices might fall a few per cent - this has happened before.

In January 2012, in fact.