Worth fixing for longer?

d0nkeyk0ng

I've kept a spreadsheet of my monthly meter readings, as well as available tariffs. Over the last two years, there's been an increase of about £100/year when accounting for the same usage of gas and electricity
(2017 - £1200, 2018 - £1300, 2019 - £1400). A lot of companies seem to have dropped the dual-fuel discounts. When I run the comparisons through the cheap energy club, every estimated cost is more than what I pay on my current fixed tariff (although obviously cheaper than if I go to the standard variable tariff).


My current tariff runs out at the end of Feb. With the above in mind, is it worth fixing for more than 12 months? Or is this situation similar to mortgages and it's better to wait and see?

Cardew

That is like asking who will win the 2:30 at Epsom; it is simply a gamble.


On balance longer term fixes have been advantageous to the customer. In the unlikely event of prices dropping considerably, after you have fixed, it is not a disaster to pay the early leaving penalty.

metrobus

My own view is that they will carry on going up long term even if their supply price goes down.
Its the way the parasites work and with OFGEM in their back pockets they will carry on.
I was very tempted to take a 3 year fixed deal but the fact I may need to move in 18 months stopped me.

Flt._Lt._Biggles

d0nkeyk0ng wrote: »

I've kept a spreadsheet of my monthly meter readings, as well as available tariffs. Over the last two years, there's been an increase of about £100/year when accounting for the same usage of gas and electricity
(2017 - £1200, 2018 - £1300, 2019 - £1400). A lot of companies seem to have dropped the dual-fuel discounts. When I run the comparisons through the cheap energy club, every estimated cost is more than what I pay on my current fixed tariff (although obviously cheaper than if I go to the standard variable tariff).


My current tariff runs out at the end of Feb. With the above in mind, is it worth fixing for more than 12 months? Or is this situation similar to mortgages and it's better to wait and see?

Is there a premium to be paid for this year for fixing longer than 12 months? If so, how much?
Are there any early exit fess? If so, how much?
Do you want the surety of fixing your prices for longer than 12 months?

Some people at the moment are finding Utility Point are coming up cheapest for them, and that is fixed for 16 months I think, with early exit fees of about £30per fuel. (Not sure if those people have looked into separate fuel suppliers)

You may want to consider them if they are cheapest for you at present? Afterall, you could possibly get half of the early exit fees back in cashback if you suddenely find a much cheaper supplier elsewhere within the next 16 months.

AndyPK

Yes there is a premium for long fixes, which is why I haven't been attracted to them.


Though if you are a low electric user (£250 a year or less), there can be good 2 year fixes

Blackbeard_of_Perranporth

My scam ends in April, Currently the fly by night cheaper suppliers are about £60 cheaper, but do not do WHD! My best offers at present are SVR. I have not been on SVR for nearly thirty plus years!

I'm going to gamble at the moment and sweat this out!

I suppose this is because the Guv'rmnt introduced their chocolate fireguard price cap, so they all know what they can get away with"!

AndyPK

Oh the price cap. I forgot about that!


i was wondering why the prices has shot up since last year

d0nkeyk0ng

metrobus wrote: »

My own view is that they will carry on going up long term even if their supply price goes down.
Its the way the parasites work and with OFGEM in their back pockets they will carry on.

Yeah that's what I've found - price increases year-on-year so fixing may be worth doing.

Flt._Lt._Biggles wrote: »

Is there a premium to be paid for this year for fixing longer than 12 months? If so, how much?
Are there any early exit fess? If so, how much?
Do you want the surety of fixing your prices for longer than 12 months?

Some people at the moment are finding Utility Point are coming up cheapest for them, and that is fixed for 16 months I think, with early exit fees of about £30per fuel. (Not sure if those people have looked into separate fuel suppliers)

I'll have a look into smaller suppliers. Last year, I was going to go with flow energy but I hesitated because it was a small supplier. Looks like it couldn't continue.

Blackbeard_of_Perranporth wrote: »

My best offers at present are SVR. I have not been on SVR for nearly thirty plus years!

I suppose this is because the Guv'rmnt introduced their chocolate fireguard price cap, so they all know what they can get away with"!

Yeah I found some of the large suppliers were recommending SVR as being their cheapest tariff, which surprised me. I hadn't realised the Gov introduced a price cap which means everyone will jump up to the maximum price even if supply rates fall. Explains a lot.

PennineAcute

April last year, I got an excellent 17 and 16 month tariff, for my gas and electric respectively.

I doubt I will get that sort of bargain again this year, but I shall see what comes up.

JJ_Egan

Sums is what you have to do and are prices rising .

As said how much extra .
Very variable i fixed last Feb at £30 PA more than the best deal for two year fix with two seperate suppliers .
Would not have fixed at £100 pa though .