Should I lock into new deal now?

Thrugelmir

bristolleedsfan said:

Thrugelmir said:

bristolleedsfan said:

MaryNB said:

mapleridge said:

Electric Standing charge is 23.29p and unit rate 19.52p
Gas standing charge is 23.02p and unit rate 4.08p

Thanks

What's the standard variable tariff rate? It's likely to be less than any current fixed deal (but probably higher than your current fix), and for that reason they'll try to push you onto a fixed tariff instead of letting you automatically go onto the standard variable tariff when your current fix ends.

Scottish Power are offering very appealing fix early rates as they are hoping to encourage people to pay higher rates this winter particularly gas  than existing cheaper fixed rates

Fixed rates on offer will reflect the fixed market rates for future delivery. No different to the mortgage market. Peace of mind comes at a premium. 

Fix again early rates being offered by Scottish Power are at a huge loss for this winter and maybe beyond, albeit higher than the rates particularly gas existing customers are currently on

A huge loss to whom? 

meinnit

Liamsn92 said:

I've just been talking to a Scottish power guy in town and they've got mine at £152 a month fixed until Jan 2024
Bulb currently have me at £130 but then I've no idea what's gonna happen with them come next year and where I'll be/ how much I'll be paying.

Our gas usage this last ~2 month has been a chunk higher because her indoors can't stop messing with the heating! Meaning it comes on for stupid lengths of time/hours. E.g I came home other week and it had been on for 5 hours while everybody but the cat was out!
Rates were
ELEC:

29.285p per kWh

24.02p per day

GAS:

8.338pper kWh
26.12p per day

Also need to get a Hive to help lower usage!
Is it worth switching?
I've only got ~£20 credit with Bulb so if that gets lost somewhere it's not the end of the world

That's a very expensive rate to switch to. Don't do it

GingerTim

It might look quite attractive come April.

meinnit

GingerTim said:

It might look quite attractive come April.

Would you do it?

EssexHebridean

GingerTim said:

It might look quite attractive come April.

You probably wouldn’t be able to afford it by April allowing you’d have been vastly overpaying for the previous 4 months at peak winter use though! 

GingerTim

EssexHebridean said:

GingerTim said:

It might look quite attractive come April.

You probably wouldn’t be able to afford it by April allowing you’d have been vastly overpaying for the previous 4 months at peak winter use though! 

Indeed, I'd just be gazing wistfully at those long-gone unit rates!

bagand96

Liamsn92 said:

I've just been talking to a Scottish power guy in town and they've got mine at £152 a month fixed until Jan 2024
Bulb currently have me at £130 but then I've no idea what's gonna happen with them come next year and where I'll be/ how much I'll be paying.

Our gas usage this last ~2 month has been a chunk higher because her indoors can't stop messing with the heating! Meaning it comes on for stupid lengths of time/hours. E.g I came home other week and it had been on for 5 hours while everybody but the cat was out!
Rates were
ELEC:

29.285p per kWh

24.02p per day

GAS:

8.338pper kWh
26.12p per day

Also need to get a Hive to help lower usage!
Is it worth switching?
I've only got ~£20 credit with Bulb so if that gets lost somewhere it's not the end of the world

Firstly please stop thinking in terms of "£130 per month" and "£152 per month".  That's just a Direct Debit amount that goes onto your account.  It may, or may not cover your bills - although the good thing is that you have a credit on your Bulb account so it seems the £130 is covering your use currently.

Focus on your annual use and the kWh rates, some quick maths will give you the annual costs.  That gas 8.338p/kWh is DOUBLE what you're currently paying Bulb which is at the Ofgem cap.  So for the same use your Gas bill would DOUBLE.  Is a £22/month raise in the DD going to cover your gas bill doubling?  They may well be setting your DD too low to make you think it's a good deal.

Of course, no one knows what the Ofgem capped rates will rise to next year, but you may as well enjoy Gas over the winter at 4ish p/kWh rather than 8p!

adamcarvell

I have been switched to standard variable rate today or capped is this a good deal?,

Supplier:

OVO Energy

OVO Energy

Plan Name:

3 Year Fixed

3 Year Fixed

Plan Type:

Fixed

Fixed

Plan Length:

36 months

36 months

Plan End Date:

27 Nov 2024

27 Nov 2024

Unit Rate:

25.41p/kWh

6.23p/kWh

Standing Charge:

25.64p/day

26.11p/day

Exit Fee: 

£60

£60

Payment Method:

Direct Debit

Direct Debit

Renewables:
(Without Any Upgrades)

100%

0%

Additional Products Or
Services Included:

1 tree planted a year

None

EssexHebridean

@adamcarvell that’s a fix you’ve posted? And a long one at that - did you ask for the variable and this is what they’ve given you or is just the wrong tariff you’ve posted? 

adamcarvell

no im on the variable from today that fix is what boo are offering is it any good ?