Is fixed tariff a good idea right now?

tkwad

Hi
Currently with bulb.
Just been informed electric prices to rise again. 
In electric only house.
My question is do i fix for 2 years?
Is there any likelihood of prices falling soon??

Swipe

They are going up again? The last Bulb increase was only 19th April

nigelbb

I just fixed for 2 years with EDF. I always think that fixed terms are best as you can budget accordingly. Same with mortgages we have a five year fixed rate coming to an end soon & will be looking for another five year fix. 

JJ_Egan

Likewise 2 year fix .

tkwad

Swipe said:

They are going up again? The last Bulb increase was only 19th April

Yep. I got an email last night.
My unit rates are changing as follows 
Day rate 19.751 to 20.012
Night rate 11.550 to 13.262
Standing charge 22.806 to 24.436
From June 21st

Swipe

I switched to EDF 2 year fix after they announced the previous hike. Now paying just 8.8p for E7 night time rate. Makes a huge difference when your storage heaters use 18,000kWh/year overnight.

UnclaimedEnergy

It depends if you can predict the wholesale power costs for the next 12 months.

Your best bet is probably to get on a fixed tariff that is at the same price or cheaper than Bulbs tariff, but ensuring it has no exit fees

Mickey666

tkwad said:

Hi
Currently with bulb.
Just been informed electric prices to rise again. 
In electric only house.
My question is do i fix for 2 years?
Is there any likelihood of prices falling soon??

I'd rephrase that last question to 'is there any likelihood of prices falling ever?'

All the pressure on electricity is for ever more demand, which will mean ever higher prices.  The move away from fossil fuels will inevitably make electricity more expensive and the gradual phasing out of ICE vehicles and domestic gas boilers will mean higher domestic consumption  - so it's a double whammy.

Get used to spending more of your disposable income on energy in the future.

Tallerdave

tkwad said:

Swipe said:

They are going up again? The last Bulb increase was only 19th April

Yep. I got an email last night.
My unit rates are changing as follows 
Day rate 19.751 to 20.012
Night rate 11.550 to 13.262
Standing charge 22.806 to 24.436
From June 21st

A single (non-E7) rate from Symbio would be lower than your night rate,  never mind your criminally high day rate. Symbio's customer service is the worst on the planet, their bills need a degree in gobbledegook to interpret - but they're cheap. Switch immediately, there must be dozens of lower cost fixes available!

Verdigris

My PfP single rate tariff is between the old and new off-peak rates shown and the daily charge is much lower. I don't understand how these sorts of tariff are inj any way attractive. It's not as if the former Big-6 company's customer service is generally any better than that of the minnows'.

MWT

Verdigris said:

My PfP single rate tariff is between the old and new off-peak rates shown and the daily charge is much lower. I don't understand how these sorts of tariff are inj any way attractive. It's not as if the former Big-6 company's customer service is generally any better than that of the minnows'.

Unfortunately the sort of rate you are getting is unlikely to be sustainable and is probably already below cost price most of the time.

No reason not to enjoy it while it lasts but I'll be surprised if those rates or some of those suppliers are still going to be here by the time a new 12 month fix ends...