Fixed price contracts

QrizB

Deleted_User said:

But will the price cap affect my bills?
I only pay a DD of £38 (at the moment)
My bills could double overnight 

If you switch to the variable rate, you will be on a price-capped tariff.

If your bill (not your DD) is currently £38/month, you might see a 25% increase, to maybe £48/month.

However do bear in mind that your DD isn't your bill and it's likely that in winter months you'll be using considerably more than £38-worth of energy.

Rodders53

Deleted_User said:?

I am currently paying 3.01p gas and 16.11p electricity until the beginning of Feb

So wait until January to start looking for the best deal for your energy use...  things might be different by then.

DO, however, check what kWh of electricity and gas you consume each year - you'll need it for the comparison tools.

matelodave

Deleted_User said:

QrizB said:

Deleted_User said:

Why is the advice to stay put and wait - for those nearing the end of a fixed price contract ?

I am currently paying 3.01p gas and 16.11p electricity until the beginning of Feb

From February you will have the choice of a new fixed contract or dropping onto Octopus's standard variable one, "Flexible Octopus".

Current rates from Octopus in my region:

• Octopus 12M Fixed November 2021 v2 - gas 6.74p/kWh, electricity 26.24p/kWh
• Super Green Octopus 12M Fixed November 2021 v2 - gas 6.99p/kWh, electricity 26.24p/kWh
• Flexible Octopus October 2021 v2 - gas 4.13p/kWh, electricity 20.49p/kWh

Daily standing charges are similar for all. It should be clear from this list that the Flexible tariff is lower than either of the fixes currently on offer.

Deleted_User said:

Surely - the only thing that is going to happen is more price hikes ?

In which case - doesn't it make sense to grab a fixed price NOW ?

Everyone is expecting the Ofgem cap to increase significantly from April, however it's likely (but obviously not guaranteed) that wholesale prices of gas and electricity will have fallen by then. Variable tariffs that track the cap will rise but other tariffs offered, fixed or variable, are likely to fall.

Most of us are sticking with the variable tariff for now and hoping to find a cheaper rate come April.

But will the price cap affect my bills?
I only pay a DD of £38 (at the moment)
My bills could double overnight 

no one is suggeting that you change until you present fixed contract ends, only then can you decide whether it's going to be better to revert to the capped variable or go to a fixed price contract.

At the present time most people who's contract is ending in the next few weeks is probably better off reverting to the capped SVT over winter as nearly all fixed price contracts are are higher than the cap. there are a few exceptions but you've got to search for them.

As said above you need to know how much you use in kwh so you can make a meaningful comparison when the time comes, it's probably inevitable that you wont get a tariff as low as you have at the moment, but it's generally the view that jumping to a fixed price deal thats higher than the cap at the moment isn't such a good idea.

It's a gamble, but hopefully come spring the prices will have stabilised and some fixed deals will come down a bit. It's crystal ball time, so your guess is as good as mine but I'd suggest that you dont do anything until you have to.

NINJA59

There is the odd fix around the cap level, but they are few and far between.

I managed to get on the helpful octopus 24m fixed which saves a little in electricity, gas is slightly higher than the cap. But it went in days...the replacement fixed rates are truly awful.

Shedman

NINJA59 said:

There is the odd fix around the cap level, but they are few and far between.

I managed to get on the helpful octopus 24m fixed which saves a little in electricity, gas is slightly higher than the cap. But it went in days...the replacement fixed rates are truly awful.

If you want to see truly awful look at Ecotricity Winter Fixed (O21) rates.....

Leccy 47.84p kwh 40.16p SC,  Gas 11.34p kwh 35.33p SC.  

If that's not a !!!! off we don't want you tariff I don't know what is....

[Deleted User]

Shedman said:

NINJA59 said:

There is the odd fix around the cap level, but they are few and far between.

I managed to get on the helpful octopus 24m fixed which saves a little in electricity, gas is slightly higher than the cap. But it went in days...the replacement fixed rates are truly awful.

If you want to see truly awful look at Ecotricity Winter Fixed (O21) rates.....

Leccy 47.84p kwh 40.16p SC,  Gas 11.34p kwh 35.33p SC.  

If that's not a !!!! off we don't want you tariff I don't know what is....

Thanks that's a ridiculous rate!
Compared to my 16.11 / 3.01p 

QrizB

Deleted_User said:

Shedman said:

NINJA59 said:

There is the odd fix around the cap level, but they are few and far between.

I managed to get on the helpful octopus 24m fixed which saves a little in electricity, gas is slightly higher than the cap. But it went in days...the replacement fixed rates are truly awful.

If you want to see truly awful look at Ecotricity Winter Fixed (O21) rates.....

Leccy 47.84p kwh 40.16p SC,  Gas 11.34p kwh 35.33p SC.  

If that's not a !!!! off we don't want you tariff I don't know what is....

Thanks that's a ridiculous rate!
Compared to my 16.11 / 3.01p 

What Shedman didn't mention is that Ecotricity aren't a conventional energy supplier, they have better green credentials than most including carbon offst for gas. They're exempt from the Ofgem price cap for this reason.

If you're Ecotricity's target customer you'll be saving enough from eating lentils and tofu rather than beef or bacon, and cycling rather than driving, that the extra few quid for green electricity won't be an issue   (tongue firmly in cheek there!)

Edit to add: Green Energy UK, one of the other cap-exampt green suppliers, are quoting me electricity at 32.15p/kWh and 38.95p SC, and gas at 9.95p/kWh and 31.31p SC on their "EKO" tariff.

wild666

Shedman said:

NINJA59 said:

There is the odd fix around the cap level, but they are few and far between.

I managed to get on the helpful octopus 24m fixed which saves a little in electricity, gas is slightly higher than the cap. But it went in days...the replacement fixed rates are truly awful.

If you want to see truly awful look at Ecotricity Winter Fixed (O21) rates.....

Leccy 47.84p kwh 40.16p SC,  Gas 11.34p kwh 35.33p SC.  

If that's not a !!!! off we don't want you tariff I don't know what is....

I just did a quote for them out of curiosity and it came back at £251 per month with their usage rates set at 2900 for electric and 12000 for gas when my usage if more like 1400 electric and 2500 gas but their SC was unbelievable at 40p & 35p respectively.