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Energy: Find the cheapest supplier & earn cashback

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  • INSPIRED
    INSPIRED Posts: 197 Forumite
    Part of the Furniture Combo Breaker
    harz99 wrote: »
    No crystal ball, but for what it's worth as an ex FU customer I can tell you that their customer service is very poor compared to even the worst of the big six. We had no choice as they were the supplier our new house builder used, communication with a human being was non existent.

    Yes, I have read the feedback on FU. Does not inspire me and I do not think I would leave OVO for a saving of £5 - £7 with FU. Or for the cashback.
  • KEVL
    KEVL Posts: 6 Forumite
    Sixth Anniversary First Post Combo Breaker
    Hi
    I'm currently on the fixed price Jan 2014 tariff with Scottish Power so am now very close to the end of the fix period. With one supplier having increased prices already and the general consensus being that all of the other main players will follow very shortly I've decided to look to move now rather than wait until Jan as some of the current deals may not be available.

    My current deal in terms of kwh I've used over the last year equates to £1670 per year and all comparison sites can't get near this. However, as my monthly payments were set too low at the start I'm now paying £165 per month to catch up the deficit (which I've just about done)

    Now my quandary,
    The best fixed deals I've identified for the area I live in are the EDF Blue Price Promise end Mar 2015 (£1,911 year / £159 month) and Scottish Power Help Beat Cancer Jan 2017 (£2099 year / £175 month)

    I'd welcome your views on which would be best. I'd save £16 per month until the end of March 2015 if I initially go with EDF but is it likely that future price hikes will negate this as I'd then need to look at another fix post March. Hence, overall would the Scottish Power fix be the better option.

    For info, i've discounted the NPower and EDF 2017 fixes as they are over £100 more expensive then the Scottish Power fix.
  • Frankie56
    Frankie56 Posts: 108 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I'm with nPower on the GoSave tariff paying £60 a month. I got a letter from them saying that I'll be paying an extra £5 a month if I stay on that tariff. I looked at the Fix Till 2017 tariff but would be paying around £80 a month. I read somewhere (not sure if it was what Martin said) that prices would probably go up around 8.8% so I'd be better off going to the one which is fixed till April 2015 and paying the same as I am now. Does anyone know if I can switch from one nPower tariff to another through a moneyback site, please.
  • Doc_N
    Doc_N Posts: 8,552 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Kevl, my own view, for what it's worth, is that you shouldn't discount the last two. I've switched from the same tariff you're on to NPower 2017, on the basis that price rises later are likely to outweigh the additional cost now by some margin.

    Fuel prices continue to go higher, there are probable supply difficulties which will make that worse, and the energy companies will be trying to jack prices up as high as they can in case Labour get in.

    For the peace of mind, I'd advocate switching to one of the two you've ruled out. And there's around £50 Topcashback at the moment - allegedly ending today.
  • KEVL
    KEVL Posts: 6 Forumite
    Sixth Anniversary First Post Combo Breaker
    Thanks Doc N
    I'm coming around to the view that locking in for longer would be cheaper in the long run.

    The difference per year between the EDF Mar 2015 fix and Scot Power Jan 2017 is around 15 percent. Assuming an imminent price hike and the withdrawal of current fixes and assuming say 8 percent increases this year and next by my calculations I'd then pay less overall by going with the long term fix.

    I initially ruled out the 2017 NPower and EDF fixes as they equate to around £8 a month more than the Scot Power Jan 2017 fix (which is close to £300 more over the 3 years). Hence, why I was swaying towards this Scot Power fix. The only downside i could see was the £50 for switching before the end of the 3 years.

    Do you still think Npower and EDF would be better
  • creddish
    creddish Posts: 229 Forumite
    Doc_N wrote: »
    Kevl, my own view, for what it's worth, is that you shouldn't discount the last two. I've switched from the same tariff you're on to NPower 2017, on the basis that price rises later are likely to outweigh the additional cost now by some margin.

    Fuel prices continue to go higher, there are probable supply difficulties which will make that worse, and the energy companies will be trying to jack prices up as high as they can in case Labour get in.

    For the peace of mind, I'd advocate switching to one of the two you've ruled out. And there's around £50 Topcashback at the moment - allegedly ending today.
    But if Labour did get elected and implemented their proposed 2 year price freeze in 2015 this could mean that the extra cost for the 2017 deals compared to the 2015 deals would be wasted as the government price freeze would make the last two years of the 2017 deal redundant. There is also a possibility that the current government can be persuaded to remove the "green" levies from energy tariffs and transfer this funding to general taxation thus potentially reducing energy bills. Because of the uncertainties I'm inclined to go for a 2015 deal keeping costs to a minimum between now and then.

    Colin
  • KEVL
    KEVL Posts: 6 Forumite
    Sixth Anniversary First Post Combo Breaker
    Thanks Colin, more food for thought. This definitely isn't an easy decision.

    In my calculations I'd been factoring in a price rise before the end of this year and then another at a similar time next year, i.e. before the next election. If they both do turn out to be 8 percent on average then if my calculations are correct then the long term fix would be less costly overall.

    As you've said, if Labour do get in and then bills reduce it will blow a big hole in the above theory. If they just hold prices at their existing levels I think the long term fix would still turn out better (assuming the above two price raises do turn out to happen)
  • victor2
    victor2 Posts: 8,141 Ambassador
    Part of the Furniture 1,000 Posts Name Dropper
    Who knows, if Labour don't get in, will the energy suppliers be able to reduce prices, as they will already have ramped them up "just in case"....
    Even if they could, would they?? Maybe just increase them at the rate of inflation, or even freeze them out of the goodness of their hearts and social responsibility?! :rotfl:

    I’m a Forum Ambassador and I support the Forum Team on the In My Home MoneySaving, Energy and Techie Stuff boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. 

    All views are my own and not the official line of MoneySavingExpert.

  • Doc_N
    Doc_N Posts: 8,552 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    victor2 wrote: »
    Who knows, if Labour don't get in, will the energy suppliers be able to reduce prices, as they will already have ramped them up "just in case"....
    Even if they could, would they?? Maybe just increase them at the rate of inflation, or even freeze them out of the goodness of their hearts and social responsibility?! :rotfl:

    I doubt (sadly) that Labour will get in under Miliband. However, the risk will be sufficient to see prices hiked up, and whatever happens those prices will not go down again unless a better regulatory system (in fact any regulatory system!) is introduced.

    Dividends for shareholders and enormous payouts for directors will always come first.

    My real concern on prices, though, is the impact of supply difficulties over the next few years, and that's one of the reasons for opting for a March 2017 tariff.
  • creddish
    creddish Posts: 229 Forumite
    Another factor to consider is the coalitions proposal to limit the number of tariffs the energy companies are allowed to offer. I understand that this is still to be implemented around the end of this year. How will this affect the availability if any of Fixed price deals? Forcing the companies to automatically put consumers on their minimum tariff would potentially eliminate fixed rates completely as the as they invariably more expensive at the start of the contract but cheaper over the full term. How will the regulations affect existing contracts. I suspect the end result of this policy would be to the dis-advantage of active users who currently search for the best deals and are prepared to switch when necessary.

    Colin
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