Flexible energy tariff or fixed

michelletoy82

Hi

I’m currently on the OctopusEnergy flexible tariff. I’ve compared and the rate I’m paying is the best deal at the moment. I’m aware that prices are expected to rise but I feel apprehensive to sign up to a fixed tariff which is higher than what I currently pay. 

Will I benefit in the long run if I switch to a more expensive fixed tariff now or do I wait?

Thank you

[Deleted User]

michelletoy82 said:

Hi

I’m currently on the OctopusEnergy flexible tariff. I’ve compared and the rate I’m paying is the best deal at the moment. I’m aware that prices are expected to rise but I feel apprehensive to sign up to a fixed tariff which is higher than what I currently pay. 

Will I benefit in the long run if I switch to a more expensive fixed tariff now or do I wait?

Thank you

This is a bit like investment advice: if it was that easy, all the investment advisors would have retired to the Bahamas with their booty by the age of 30.

Both gas and electricity prices have increased recently: the primary reason for this is the massive increase in the price of gas in recent months. With little wind and solar, there has been a lot of electricity produced by gas burning generators. ‘Experts’ predict that wholesale gas prices should fall back a bit next Spring: other ‘experts’ suggest that this will be the time the Government adds green taxes to the cost of domestic gas.

FWiW, I think that you may have missed the boat. I had a fixed gas tariff with Octopus through until December. I switched 3 months early because I could see that gas prices were rising. Octopus were offering gas at 4.799p/kWh whereas Zog was showing a price of 3.19p/kWh (increased last week to 3.79p/kWh). So Energy has just increased its gas unit price to 5.76p/kWh.

Fixed contracts do give some certainty. If you have a smart meter, then look at Octopus Go for electricity. The peak price was lower than the peak price on Octopus’ flexible tariff.

pokora

For peace of mind get a fixed deal with no fee for early exit.

bristolleedsfan

Octopus fixed gas rate is more expensive than maximum most SVR tariffs will be from 1 October plus more expensive  than another big increase in maximum SVR energy cap  kwh rate should that occur from April 2022, Octopus standard fixed rate electricity is about 0.44pkwh less than what most SVR rates will be from October 1st

luvchocolate

My son switched to Octopus variable tariff in June it's since risen 27%
So switched again to a fixed rate 

bristolleedsfan

luvchocolate said:

My son switched to Octopus variable tariff in June it's since risen 27%
So switched again to a fixed rate 

Octopus fixed gas kwh rate  has risen just short of 50% since June, standing charge is currently 2.74p day ( equates to £10 per year) more expensive than Flexible tariff, Electricity kwh unit rate up about 8% during same period