Martin's WARNING: Your energy bill's about to JUMP by £100s - here are my 11 need-to-knows

PriceCapBamboozle

Anyone else totally and utterly confused about what they would actually pay if they were on a standard variable tariff and the price cap came into play? I switched to Sainsbury's Fixed last week but now I can't work out if I would have been better off going for a default rate where I was and benefitting from the price cap - as per Martin's recommendation this morning! - Wouldn't it be great if the Cheap Energy Club comparison also showed you what you would pay if you were on your providers default variable tariff and what the price cap would mean?

Keep_pedalling

Could be worse, look at what happens in Texas when wholesale prices rocket within a totally unregulated market.

https://theconversation.com/whats-behind-15-000-electricity-bills-in-texas-155822

JJ_Egan

PriceCapBamboozle said:

Anyone else totally and utterly confused about what they would actually pay if they were on a standard variable tariff and the price cap came into play? I switched to Sainsbury's Fixed last week but now I can't work out if I would have been better off going for a default rate where I was and benefitting from the price cap - as per Martin's recommendation this morning! - Wouldn't it be great if the Cheap Energy Club comparison also showed you what you would pay if you were on your providers default variable tariff and what the price cap would mean?

Suggest you contact MSE  CEC .

MasterOfNinja

PriceCapBamboozle said:

Anyone else totally and utterly confused about what they would actually pay if they were on a standard variable tariff and the price cap came into play? I switched to Sainsbury's Fixed last week but now I can't work out if I would have been better off going for a default rate where I was and benefitting from the price cap - as per Martin's recommendation this morning! - Wouldn't it be great if the Cheap Energy Club comparison also showed you what you would pay if you were on your providers default variable tariff and what the price cap would mean?

Where did Martin say this? Due to my current fix finishing only this month, I could only change to the Sainsbury's fixed this week. However working out the numbers using the current standard variable rates, the fix is cheaper. However difficult to work out where the variable tariff will go, but I suspect likely up, so fixing it in my mind was a sensible thing to do. Plus I think you can leave the Sainsbury's fix without massive penalty.

dbks

PriceCapBamboozle said:

Anyone else totally and utterly confused about what they would actually pay if they were on a standard variable tariff and the price cap came into play? I switched to Sainsbury's Fixed last week but now I can't work out if I would have been better off going for a default rate where I was and benefitting from the price cap - as per Martin's recommendation this morning!

The supplier website gives you all the options they offer, including their SVT (at Oct 2021 cap level)