Ovo 3 year fixed plan

Ellie9999

My fixed gas and electricity plan ends this December and Ovo have offered me two plans and the variable rate. One of the plans is a three year fixed plan (see rates below). This is more than the variable rate but I know that’s likely to go up but not sure on fixing for 3 years as not sure if the variable rate is likely to come down. Does anyone have any advice on this 
thanks in advance 

bristolleedsfan

Martin Lewis: Avoid pressure to switch to a new fixed energy deal once your current one ends (moneysavingexpert.com)

"The clear message to viewers whose fixed-rate energy tariffs are about to end is NOT TO ACT and instead, simply to get moved on to cheaper variable tariffs"

brewerdave

Those prices for electricity are horrendous - if they are really likely to come in the near future ,then no need to worry about power cuts because nobody will be able to switch their lights on and God help anyone who has installed a heat pump !!!

spot1034

Gas prices are falling now, down quite sharply again this morning. Of-course there is always the possibility of another move upwards, but at the moment there is better news on flows into the UK and Europe. Whatever happens in the next few months (which could be significantly affected by winter weather) you can see how prices will come down when the pressure on supplies starts to ease which is pretty likely once we get through to next spring and summer.

worrywart_3

I wouldn’t fix at those prices

MWT

Locking in high prices over the next 6 months, when most of us will use the majority of our energy due to winter, feels like a mistake.

Even if the next cap is higher, which seems a given, it is going to have to be excruciatingly high to recover the loss incurred over winter with those fixed prices, based on typical spring summer consumption levels...

The real decision point though is what you believe will happen to prices by next winter...

robbo223

I think it's very interesting that the experts who were saying not to fix last year have had to swallow humble pie.  Those rates now seem bargains! 

Alnat1

I do hope Ellie went for it but I somehow doubt it.

[Deleted User]

The points made in the discussion are still completely true though.

"Even if the next cap is higher, which seems a given, it is going to have to be excruciatingly high to recover the loss incurred over winter with those fixed prices, based on typical spring summer consumption levels"

"The real decision point though is what you believe will happen to prices by next winter"

"if they are really likely to come in the near future ,then no need to worry about power cuts because nobody will be able to switch their lights on and God help anyone who has installed a heat pump"

They are "excruciatingly high", based on what has happened "by next winter" and people are worrying about "being able to switch their lights on".

As it always has been, its a risk judgement based on what you think might happen.