Fix for 12 months or until 30 June 2016?

saveonarola

Hi. My EDF fix has come to an end and I'm trying to decide between Ovo's 12-month fix and Ovo's fix until 30 June 2016. On the (kWh) usage figures I provided, the longer fix comes out £26 more expensive, which roughly equates to the same prices for this year and then a 5% price rise next year. I'm assuming prices will go up, but by less than before because of the new political interest in this issue, so I can't decide between the two.

Anyone have any thoughts that might help me decide? Is there a particular time of year when fixed deals are withdrawn/replaced and therefore it's better to come off an old fix? Any difference between April and July in this respect?

KennethC

saveonarola wrote: »

Hi. My EDF fix has come to an end and I'm trying to decide between Ovo's 12-month fix and Ovo's fix until 30 June 2016. On the (kWh) usage figures I provided, the longer fix comes out £26 more expensive, which roughly equates to the same prices for this year and then a 5% price rise next year. I'm assuming prices will go up, but by less than before because of the new political interest in this issue, so I can't decide between the two.

Anyone have any thoughts that might help me decide? Is there a particular time of year when fixed deals are withdrawn/replaced and therefore it's better to come off an old fix? Any difference between April and July in this respect?

Can I suggest that before you go into another fixed tariff, you have a look around the market and see what is on offer, it is my contention that as EDF have already fixed their tariff for two years, others will follow

Bluebirdman_of_Alcathays

KennethC wrote: »

Can I suggest that before you go into another fixed tariff, you have a look around the market and see what is on offer, it is my contention that as EDF have already fixed their tariff for two years, others will follow

edf? SSE?

http://www.bbc.co.uk/news/business-26743048

KennethC

Bluebirdman_of_Alcathays wrote: »

edf? SSE?

http://www.bbc.co.uk/news/business-26743048

Sorry, hands held high in the air, yes it was SSE, thanks. However, others will surely follow suit. :beer:

saveonarola

KennethC wrote: »

Can I suggest that before you go into another fixed tariff, you have a look around the market and see what is on offer, it is my contention that as EDF have already fixed their tariff for two years, others will follow

The SSE fix is just their standard rate, I think, which is more expensive than a lot of the fixes available now, so I can't see why it would cause other companies to offer cheaper fixes than are available already, although that's just a guess. In the meantime, though, I'll be paying EDF's standard rate, which is about 20% more expensive than the Ovo 12-month fix. Doesn't seem like a good trade-off.

KennethC

saveonarola wrote: »

The SSE fix is just their standard rate, I think, which is more expensive than a lot of the fixes available now, so I can't see why it would cause other companies to offer cheaper fixes than are available already, although that's just a guess. In the meantime, though, I'll be paying EDF's standard rate, which is about 20% more expensive than the Ovo 12-month fix. Doesn't seem like a good trade-off.

True, I was merely suggesting, if you can wait of course, see what else is coming up. I too am with OVO and mine is coming to an end also, I have found them to be good and I can continue with my current tariff, which I intend to do without entering into a fixed deal.

couponkingpeter

Very informative, thanks for sharing guys.

System

saveonarola wrote: »

Hi. My EDF fix has come to an end and I'm trying to decide between Ovo's 12-month fix and Ovo's fix until 30 June 2016. On the (kWh) usage figures I provided, the longer fix comes out £26 more expensive, which roughly equates to the same prices for this year and then a 5% price rise next year. I'm assuming prices will go up, but by less than before because of the new political interest in this issue, so I can't decide between the two.

Anyone have any thoughts that might help me decide? Is there a particular time of year when fixed deals are withdrawn/replaced and therefore it's better to come off an old fix? Any difference between April and July in this respect?

Only you can be a judge of this. Your £26 per year extra is providing a price guarantee for 2 years but with an early exit fee of £30 per fuel. IMHO, companies are unlikely to reduce their tariffs because (a) we failed to use as much energy last winter as they hoped that we would and profits are down, and (b) the companies are worried about a Labour Govt and a price freeze.

You could hedge your bets by going for a 2 year freeze but on a plan that has no exit fees. Or, you could take the view that energy prices are unlikely to fall and accept a 2 year fix even with an exit fee for an early departure.