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I'm on a fix until February. Should I pay to cancel now and sign up with a big name supplier?
I am with a fixed tariff Neon Reef for electricity and Zog for gas. I am concerned about the future of small suppliers - particularly Neon Reef since it is very closely related to the now defunct Utility Point. I could pay to cancel now and sign up with Sainsbury's Energy at an extra cost of nearly £400 a year or stay put and my suppliers will potentially collapse and I'll be moved elsewhere. Is the rise in energy prices likely to continue after the new year or is there a chance prices will go down again? I know it's a bit of a 'how long is a piece of string' question, but I'm hoping there are forum members here who know a little more than me!
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Comments
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Personally I'd stick it out. If you make it to the end of you fix you can reassess then; if your supplier(s) fail before then, you'll get moved toa SoLR and most likely end up on a Price Cap variable tariff which is similar to the Sainsbury's offer you're looking at.
N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Kirk Hill Co-op member.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 35 MWh generated, long-term average 2.6 Os.2 -
I'm also with Zog and Neon Reef til February. I'm going to ride it out as even if they survive for a short while this Winter ,I'll be better off than moving to a big 6 SVR now; anyway a SOLR transfer will be to an SVR deal as they are the cheapest right now.2
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As above Bulb one of the big 6 are asking for help .
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there is another thread suggesting Zog will be OK & not go bust
Neon Reef only supply electric so they are only exposed to the hike in the wholesale electric price which is not as extreme as for gas
If either go bust you are likely to end up on the new suppliers SVR which has a price cap
Because of the price cap these SVR rates have now become the cheapest available deals
The price cap is increasing by 12% in October but as things stand is not increasing again till April 2022
By April 2022 there may be better deals to move to again if the price of wholesale gas has come back down
The Sainsburys deal as now been pulled
So just stick with what you have for now2 -
Asking for old person who is on Variable with Bulb - should he move to a fixed rate, Sainsbury's coming out on top. Is Bulb offering a fixed rate?0
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