Negative saving on my energy prices

Bluey87

Hoping someone can set my mind at rest.

Currently with Avro Energy. I have stupidly let my fixed deal lapse so I have gone onto a variable deal. So annual usage in kWh is Gas: 30262  Electricity:4915.

When I put these figures into comparison sites I am being quoted a yearly saving of -£305.

So I take it this negative saving is taking into account the new energy price hikes and that is where the market is at? 

I've always paid monthly DD but am I right in thinking that it might be easier to start paying on receipt of bill for a saving? 

Thanks in advance to anyone who can point me back on the straight and narrow. 

QrizB

What have you told the comparison sites to compare against, your current variable tariff or your old fixed one?

I would be quite surprised to see negative savings if you're comparing to your current Avro variable tariff, but if you've told the site that you're still on the expired fixed tariff then a negative saving is quite possible.

Bluey87

I have told it to compare against the variable tariff I am now on, Simple Energy, doesn't look like I am able to select the fixed one I was previously on Simple and uPower12M

Edit - I can select that on USwitch and its telling me that I am unable to find a better deal however surely with the rises due shortly its best to get fixed somewhere? 

QrizB

OK, I don't know which site you're using but plugging your usage numbers into https://energycompare.citizensadvice.org.uk/ gives a range of saving options. The best 12-month fix there looks to be with OFTM.

Bluey87

Thanks, I went to citizen advice as per your post, the best deal there is Ebico Standard April 2021 v1 which is cheaper than OFTM by around by around £20 but still an overall increase of £447 a year on what I am currently paying, I guess that is just a sign of the times. 

bristolleedsfan

That Ebico tariff has been replaced by a more expensive July  variable rate version,  for your usage Avro Simple and Fix12M might be about £15 per month cheaper than OFTM cheapest fix on OFTM website which is Fix'd 21 19.0

niktheguru

Bluey87 said:

Thanks, I went to citizen advice as per your post, the best deal there is Ebico Standard April 2021 v1 which is cheaper than OFTM by around by around £20 but still an overall increase of £447 a year on what I am currently paying, I guess that is just a sign of the times. 

The ebico tariff is also a variable rate tariff,so no guarantee how long that price will remain as is.

You do have quite a high gas usage.....the outfox the market dual fuel option seems to be your best choice. (it has a lower unit rate for gas, but higher standing charge of around 30p, but given our high usage, the saving is worth while)

Choose a fixed rate tariff, see if single fuels are better than dual fuel. Good luck

bristolleedsfan

niktheguru said:

Bluey87 said:

Thanks, I went to citizen advice as per your post, the best deal there is Ebico Standard April 2021 v1 which is cheaper than OFTM by around by around £20 but still an overall increase of £447 a year on what I am currently paying, I guess that is just a sign of the times. 

You do have quite a high gas usage.....the outfox the market dual fuel option seems to be your best choice. (it has a lower unit rate for gas, but higher standing charge of around 30p, but given our high usage, the saving is worth while)

My post above yours was after I compared OFTM fix available via its website with Avro current fix available via its website, based on my region and Bluey87 stated usage, Avro fix was about £15-£16.00 a month cheaper than OFTM fix.

Results on CAB compare showing OFTM April tariff which you refer to as well as Ebico April tariff are likely to be both out of date, Ebico April variable rate tariff was certainly superceded by more expensive July variable rate tariff which was what I said, OFTM April tariff likely to be also not available to new customers now.

dogshome

The problem at the moment is that Ofgem have been slow to catch up with the market with their Price Cap, which fixes a maximum, cost per Kwh on SVT tariffs , the result is that when suppliers put a realistic price on their named tariffs, the cost is dearer than their SVT

This changes  on Sepyember 1st when Ofgem will raise the Price Cap

bristolleedsfan

dogshome said:

The problem at the moment is that Ofgem have been slow to catch up with the market with their Price Cap, which fixes a maximum, cost per Kwh on SVT tariffs , the result is that when suppliers put a realistic price on their named tariffs, the cost is dearer than their SVT

This changes  on Sepyember 1st when Ofgem will raise the Price Cap

Ebico variable rate tariff example given above which mirrors Octopus tariffs, July variable rate tariff is whisker away from current energy cap whereas April variable rate tariff was and still is for existing customers quite a bit cheaper than current energy cap, named variable rate tariffs are not dearer than SVT

Price cap increases on 1 October

dogshome

Whoops, my error

bristolleedsfan leads fan is correct that Ofgem will raise the Price Cap on October 1st - (Not September 1st as I stated).

Looking at the larger suppliers, their named fixed tariffs are currently close to 20pence per Kwh, so I think SVT prices will rise to around 22pence.

Bearing in mind that a Switch takes around 21 days including the 14 day period the customer has to change their mind, anyone currently on an SVT tariff should look to find a new supplier on or before the 8th of September.