Energy crisis - what to do when my fixed tariff ends

l.c.elliott

Hi, I've been watching Martins briefings on the energy crisis and I know his advice right now is 'do nothing' but what to do when my fixed tariff ends? I'm with Shell energy and currently on tariff Energy March 2022 v6 so that obviously means it'll end in March 2022. I'm assuming I'll get moved to the energy price cap after that but Martin was predicting that the price cap will go up by or before April so surely I'd be best jumping ship and moving to the price cap before then? I'm so confused!

spiro

Before your tariff ends the new cap value should be known. Until that is known I don't think anyone can say what to do. If your cap ended this month the advice would be to go onto the SVT.

Ultrasonic

l.c.elliott said:

Martin was predicting that the price cap will go up by or before April 

The new price cap will come into effect on 1 April but what it will be will be announced sooner. In February I believe.

northwalesd

l.c.elliott said:

so surely I'd be best jumping ship and moving to the price cap before then? I'm so confused!

The price cap isn't a fix, so you need to stay on your current fix until it ends and then look at your options (unless you're offered some fantastic fix prior to it ending).

[Deleted User]

Hi,

find your price cap HERE.

matelodave

As said above, the price cap is not fixed, so there's no point in shifting to a capped tariff now as it will do what ever it's going to do next April, which is most likely to increase.

If your existing fixed tariff is cheaper than the current cap then stay with it until it expires and hope that the market will have settled down a bit by next March/April although with far fewer players in the field there's not going to be a lot of competition to bring prices down, especially if those who remain try to recover their losses (or maintain their profits)