Outfox the Market - standard variable tarriff rates please?

Slinky

Can anybody please tell me what the SVT rates are for Outfox? Trying to budget, our fix runs out at the end of January, they are inviting me to re-fix at £327.30 a month!!!! Currently paying £104, was £92.50 until this month, which is pretty accurate for our current usage.

We're in east of England if that makes a difference.

TIA of any advice.

QrizB

You should be able to find tariff details on their website.

If you can't, and assuming you're on a single-rate tariff (not E7 or similar) and pay by DD, it will be close to:

• Gas: 4.06p/kWh, 26.1ppd SC
• Electricity: 20.87p/kWh, 24.0ppd SC.
  

Slinky

Thanks, couldn't find SVT rates when I looked a couple of days ago. Those are a fair bit higher than my current rates, but way lower than their new offer!

Fairzo

Slinky said:

Thanks, couldn't find SVT rates when I looked a couple of days ago. Those are a fair bit higher than my current rates, but way lower than their new offer!

For information can you post the fix offer rates and length of fix? Thanks

Slinky

Currently: 

Unit rates

Electricity: 0.160 per kWh.

Gas: 0.025 per kWh.

Standing Charges

Electricity: 0.186 per day.

Gas: 0.250 per day.

Current Annual Amount: £1089.48

Being offered:

Tariff name: Fix'd X 21 31.0. Tariff type: Fixed. Tariff term: 12 months. Payment method: Direct debit.

Electricity unit rate: £0.489 per kWh. Electricity standing charge: £0.218 per day.

Gas unit rate: £0.135 per kWh. Gas standing charge: £0.260 per day.

Exit fees: £50.00.

Annual Cost: £3927.60

£327.30 per month

Not tempted!!!!

Fairzo

😳 wow. Reflective of supplier trying to recoup losses or indicative of predicted direction of travel?

Slinky

Fairzo said:

😳 wow. Reflective of supplier trying to recoup losses or indicative of predicted direction of travel?

Frightening isn't it. There's going to be a lot of people struggling even more than now.

QrizB

Slinky said:

Fairzo said:

😳 wow. Reflective of supplier trying to recoup losses or indicative of predicted direction of travel?

Frightening isn't it. There's going to be a lot of people struggling even more than now.

I think it's a bit of both, to be honest. Unless there's a collpase in the wholesale gas market in the spring (possible, but unlikely barring some sort of "black swan" event) prices will be rising significantly. But hopefully not to 49p/kWh for electricity and 13.5p/kWh for gas!

FreeBear

Don't quote me on this, but I think the SVR tariff is -

Electricity Unit Rate (price per kWh) 21.473p
Electricity Standing Charge (price per day) 18.900p
Gas Unit Rate (price per kWh)  4.275p
Gas Standing Charge (price per day) 18.900p
All price are inclusive of VAT at 5%

(East of England, if that makes much difference)

That was the price they were quoting me at the end of September (due to take effect from Oct 2020). At the time, I thought it a bit steep, so jumped ship to Eon.next and managed to bag a slightly cheaper fixed rate.

booshya

Slinky said:

Can anybody please tell me what the SVT rates are for Outfox? Trying to budget, our fix runs out at the end of January, they are inviting me to re-fix at £327.30 a month!!!! Currently paying £104, was £92.50 until this month, which is pretty accurate for our current usage.

We're in east of England if that makes a difference.

TIA of any advice.

Slinky said:

Currently: 

Unit rates

Electricity: 0.160 per kWh.

Gas: 0.025 per kWh.

Standing Charges

Electricity: 0.186 per day.

Gas: 0.250 per day.

Current Annual Amount: £1089.48

Being offered:

Tariff name: Fix'd X 21 31.0. Tariff type: Fixed. Tariff term: 12 months. Payment method: Direct debit.

Electricity unit rate: £0.489 per kWh. Electricity standing charge: £0.218 per day.

Gas unit rate: £0.135 per kWh. Gas standing charge: £0.260 per day.

Exit fees: £50.00.

Annual Cost: £3927.60

£327.30 per month

Not tempted!!!!

The annual cost of the SVT based upon your assumed usage should have been included in your email notification, which would allow you to compare the annual cost.

The details of any tariff are not included in the email, so presumably you got that from the link that was included in the email. Does that link not also include details of the SVT? i.e. what you will be charged is you do nothing?
I thought it did, but perhaps not.

Martin has said there is nothing meaningfullyly cheaper than doing nothing at present, so no surprise that a fixed offering looks a lot more expensive.

But you need to remember that the SVT will increase in April (and maybe again in October?). Current estimate is about 50% increase in April, but with wholesale gas prices rising 30% in just the last 7 days alone, it may end up a lot more than that.

If I were you, I would take Martin's advice and do nothing at this time. But if you want the surety of what you will be paying for the next 12 months, then take the fixed tariff offered.
(or do a comparison if you are prepared to switch supplier)

In view of the much higher prices you will be paying, perhaps now is the time to review your consumption and see where savings can be made. You appear to be using a lot more than average. An average user consuming 12000kWh of gas and 2900kWh of electricity on the fixed tariff would cost you £277 pcm; you say you were quoted £327.30 pcm.

Or does the monthly price you were quoted include a 20% uplift for starting the tariff at this time of year? If so, does that mean you have no credit on account at this time of year? Also, if it does include a 20% uplift, then you can expect the monthly payment to be revised down com April

Slinky

The email didn't include anything about the SVT, hence me coming on here to ask the question. The £327 rate is just the annual rate divided by 12, I actually checked out OTM a couple of days ago for a quote, and they wanted something like £480 a month for the winter uplift!  I did a search for quotes and there wasn't anything else out there I'd be wanting to shift to.

We were in credit by about £180 at the end of November so I'm confident we're on track to be in credit still at the end of the fix at the end of January.

Our use is higher than average as we have a 4 bed house with a 20-30 year old boiler. We're both at home for most of the day, although we only heat the house for 3 hours in the morning and 3 in the evening. Hopefully when we get some building work done next year we'll clarify if the cavity walls have been filled or not, and the boiler will be upgraded. Undecided at this point whether to swap out the gas hob for electric as had been our plan.

I think I'll take my chances and go onto the SVT.  To lock into a rate 3 times higher than our current one would be insane I think.