OVO Energy variable or fixed tariff?

bluesue8

My fixed rate tariff ends in November. OVO have written to me to decide whether to choose another fixed tariff for one or two years, or stay on their variable SVT.

I can't decide what to do, because if I fix the rate I may be paying more because of the uncertainty at the moment.

What are other people doing?

Are you staying on a variable tariff or doing a fixed rate, to know what to expect for the next year or two?

Cardew

Welcome to the forum.

There have been other posts on this quandry.

I think the concencus is to stay on the SVT, which cheaper than any fixed tariff available, and its charges are capped until April. That will get you through the winter period and then see what the new cap brings in April.

There must be a chance that the Government will come in and provide a subsidy if wholsale prices remain high as a further huge increase will be hugely unpopular with voters.

 

bluesue8

Thanks for that advice. I will stay on the SVT 

Cardew

These will be my rates on OVO SVT - for the midlands area.

Elect 20.59p/kWh  DSC 25.8p

Gas 4.04p/kWh DSC 26.11

For comparison my current fixed price tariff is:

Elect 15.4p/kWh  DSC 24.06p

Gas   2.73p/kWh  DSC 24.38p

All prices include VAT

adamcarvell

I’m in same situation ovo offering two years fixed at £213 a month for two years or variable £125 month 

adamcarvell

ive now been offered a three year fix at £184 a month

Cardew

adamcarvell said:

ive now been offered a three year fix at £184 a month

We need to know the kWh charge for gas and electricity and the Daily standing charge to make a comparison.

adamcarvell

Cardew said:

adamcarvell said:

ive now been offered a three year fix at £184 a month

We need to know the kWh charge for gas and electricity and the Daily standing charge to make a comparison.

Cardew said:

adamcarvell said:

ive now been offered a three year fix at £184 a month

We need to know the kWh charge for gas and electricity and the Daily standing charge to make a comparison.

adamcarvell

Is the three year fix a good deal?

Cardew

adamcarvell said:

Is the three year fix a good deal?

Well the electricity kWh charge is approx 40% higher than the current Price cap

The gas kWh charge is approx 75% higher that the price cap.

The current price cap lasts until April.

Personally I think it is too expensive, but it is a gamble on how much the Government will allow the Price cap to rise in April (and subsequently) without some form of intervention if the wholesale energy prices remain at this level.

adamcarvell

I’m fixed till 26th November this year then on the price cap till April. 

But they offering a three year fix makes me wonder if they think prices will drop at some point tying people in on higher rates with exit fees of £60 per fuel.