Energy news in general

Flight3287462

emmajones1976 said:

As of 7am this morning Eon Next are still offering a fix for electric that raises prices around 35% from the current cap, with no exit fees. Worth putting yourselves on it because surely that gets pulled if the increase is 50% at 11am.

One would have thought so.

spot1034

emmajones1976 said:

As of 7am this morning Eon Next are still offering a fix for electric that raises prices around 35% from the current cap, with no exit fees. Worth putting yourselves on it because surely that gets pulled if the increase is 50% at 11am.

The problem is that you'd be giving up several weeks of the present SVT (if that's what you're on) before it goes up in April. By the time we get to that date it's possible that wholesale rates may have dropped to the extent that a similar or better offer might have become available. Of-course this might not happen, or perhaps it will but not quite as quickly as that. It's probably a punt on whether or not you think Putin is going to invade Ukraine.

emmajones1976

spot1034 said:

emmajones1976 said:

As of 7am this morning Eon Next are still offering a fix for electric that raises prices around 35% from the current cap, with no exit fees. Worth putting yourselves on it because surely that gets pulled if the increase is 50% at 11am.

The problem is that you'd be giving up several weeks of the present SVT (if that's what you're on) before it goes up in April. By the time we get to that date it's possible that wholesale rates may have dropped to the extent that a similar or better offer might have become available. Of-course this might not happen, or perhaps it will but not quite as quickly as that. It's probably a punt on whether or not you think Putin is going to invade Ukraine.

Oh I realise that, but its fee free to leave it, so assuming another jump in October and I can leave at any time.

The no exit fees is the obvious clincher here. Plus yes, I will no doubt be paying £40 or so too much for 2 months based on my usage but from April it will be less, and even more less (is that a term?) from October for a bit, in theory.

spot1034

emmajones1976 said:

spot1034 said:

emmajones1976 said:

As of 7am this morning Eon Next are still offering a fix for electric that raises prices around 35% from the current cap, with no exit fees. Worth putting yourselves on it because surely that gets pulled if the increase is 50% at 11am.

The problem is that you'd be giving up several weeks of the present SVT (if that's what you're on) before it goes up in April. By the time we get to that date it's possible that wholesale rates may have dropped to the extent that a similar or better offer might have become available. Of-course this might not happen, or perhaps it will but not quite as quickly as that. It's probably a punt on whether or not you think Putin is going to invade Ukraine.

Oh I realise that, but its fee free to leave it, so assuming another jump in October and I can leave at any time.

The no exit fees is the obvious clincher here. Plus yes, I will no doubt be paying £40 or so too much for 2 months based on my usage but from April it will be less, and even more less (is that a term?) from October for a bit, in theory.

I know, there are so many factors. You could go on to say that perhaps it might be advantageous to wait a couple of months now as you'll get a couple of months more of a cheaper deal at the other end, when it will cost more to renew. 

emmajones1976

Or maybe it wont be, if the capped electric rate goes up to 30p or so in a few hours there is absolutely zero chance they will be offering a fix at 26p come the end of March. In fact I dont think that rate will be there come noon today, hence why I got up early and did it.

tghe-retford

I chanced their arm and switched to EON Next's fixed tariff, I was with them anyway after the Symbio collapse. If the cost is less than the cap then long term it will work out better even if it is short term pain and there is no exit fee.

As for gas, nothing fixed that isn't less than double than what I am paying so I am sticking on variable with EDF (from Zog) because I don't expect a 100%+ increase today.

savers_united

emmajones1976 said:

Or maybe it wont be, if the capped electric rate goes up to 30p or so in a few hours there is absolutely zero chance they will be offering a fix at 26p come the end of March. In fact I dont think that rate will be there come noon today, hence why I got up early and did it.

Why do you think that? Historically many fixes have been below the Cap, the cap was only ever intended as back stop, the advice has always been shop around. If they are offering the fix at that rate they have hedged enough, today's change will not impact that, the only risk is that lots jump on it and it gets pulled. 

emmajones1976

History is out the window at the moment. They are still likely losing money on 26p per unit based on current wholesale costs 

meinnit

https://www.ofgem.gov.uk/publications/price-cap-increase-ps693-april

Price cap to increase by £693 from April

• Record increase in global gas prices sees energy price cap rise of 54%

emmajones1976

Well there we go then.

Companies arent going to have a SVR below the cap so I feel happy enough with what I did this morning.