Is fixed tariff a good idea right now?

Verdigris

Yes, I realise prices have risen since I got my fixed deals at the back end of last year, but those rates quoted are extortionate even compared to deals on offer now.

MWT

Bulb tend to be at the higher end of the range, but it is going to get increasing hard to find prices a lot lower than those in the months ahead so I'd certainly lock-in a fixed rate if you can find one significantly below that, just be aware that if you are still seeing single rate tariffs much below 14p/kWh they are probably unsustainable and at this rate by the end of summer I suspect we'll struggle to find rates below 16p/kWh even from the minnows...

tkwad

Thanks for replies.  I have locked into a 2 year deal with octopus.  The rates are sightly less than what my new bulb ones were to be.
I guess my location means my unit rates are higher than most are used too.   im in Scotland so we always seem to be ripped off

dunstonh

Bulb have been good for economy 7.   When they went up last time, no-one came in cheaper.    I haven't checked for comparison yet but the night right is taking a bit of a hit this time.

Swipe

dunstonh said:

Bulb have been good for economy 7.   When they went up last time, no-one came in cheaper.    I haven't checked for comparison yet but the night right is taking a bit of a hit this time.

Bulb were good for economy 7 until about 12-18 months ago when they started hiking up their rates. I think EDF are probably the cheapest for E7 at the moment but their T&Cs require a smart meter within 3 months of taking their cheapest tariff. I'm reluctantly having mine installed next week.

MWT

tkwad said:

Thanks for replies.  I have locked into a 2 year deal with octopus. 

.. and since Octopus have no exit fees you can always change to a new fix if something cheaper comes along.

cattom

was with octopus on a two year deal and that finished in end of feb. they emailed me offering me new deal but more money. so got fixed deal with british gas evolve for less money than I was paying octopus.

phillw

Mickey666 said:
I'd rephrase that last question to 'is there any likelihood of prices falling ever?'

Yes, providers buy their energy in advance and sometimes they have so much that they can offer cheaper deals to try to buy customers. So prices can fall temporarily, but you have to be able to move quickly.

If I knew the answer to whether the prices will fall from their current level within the next 12 months, then I would be very very rich.