Switch Now or Wait

ecnirp98

Hi

Currently on EDF Easy Online Extend Nov21v10 which is fixed until 30 November 2021, a good fixed tariff which I have been on for about 2 years, I am looking to switch to another fixed tariff, the current Sainsbury 2 Year Fix and Reward v18 looks about the best ATM, I can leave EDF now penalty free they said as within 90 days of the tariff ending, but just wondering if I am best keeping on my current EDF deal until it expires end of November, as I have another 2 months of a much cheaper tariff to run, just concerned which deals will be available end of November when my current EDF deal ends.

How long does the switch usually take? my last one was about 2 weeks I think.

SaverRate

a switch generally takes around 2 weeks. Nobody has a crystal ball so nobody can be certain what will happen in the near future. Although the situation does look dire at the moment with certain companies not accepting new customers etc. 
 I am currently in the process of switching to Sainsburys but only because Peoples Energy have gone bust!

ecnirp98

Yeah, I realise it is impossible to predict the future, 12 months ago no one  was predicting the current prices !!!
just getting a feel for what people are doing.

Its a shame you cannot switch on a named date, like 30 November 2021, so I can get the most out of my current Tariff !!! I think my monthly bill will go up around £30 per month for dual fuel, so that's £60 more over the 2 months, good thing on Sainsburys is there are no penalties to switch, so if the market calms down abit, you can always switch out to a better tariff. 

bd10

Think the question here is to what extent have energy firms priced in the whole move of natural gas prices in their retail rates. I don't know. The price cap is likely not to have taken the latest sharp price appreciation if if trails the market prices by a few months.
The cheapest quote for a 1y fix today was 40% higher compared to my current supplier.
It's all a bit of a mess: I think this nat gas shortage will have resolved itself by next summer. Meanwhile wholesale prices might have peaked  but not fully passed through. If prices start to fall in Q1 next year, by when will they feed through to us?
I locked in a 1y with a bigger supplier for two reasons: (a) Wholesale priced may have already peaked but may not have fed through when I would have had to switch in Jan '22 (b) if my current supplier would have gone belly up, I fear the new supplier Ofgem would appoint would offer me far worse rates than what I could get today. So, I bit the bullet and limited my damage at +40% up y/y. Might be wrong. Only fixing for 1y.
Just my thinking, not a recommendation.