Price cap exemption - should I move to a fixed rate?

s101

Our electricity provider, Good Energy, are exempt from the energy price cap. Should I try and swap providers now, onto a fixed rate or stay where I am? No providers will take us onto their SVT so it's either an inflated fixed rate or risk uncapped rises with Good Energy. Your thoughts and insight would be welcome!

MattMattMattUK

Fixed and variable rates are high, the price cap will rocket in a few months anyway so the capped SVT will only make a few months difference.

I presume you chose Good Energy because of their green credentials, as they were far from the cheapest before all of this started?

whirlyhead

I'm with Good Energy, my charges went up 20% in November, and are now going up 50% in January.  I'm sticking with them though - I went with them for their green credentials, their customer service is great (they've been very apologetic about the price rises), and I figure that everyone's prices are going to go up sooner or later. At least Good Energy aren't likely to go into administration if they can charge the going rate for energy.

Gerry1

You can switch to EDF, but only by phoning them.

s101

MattMattMattUK said:

Fixed and variable rates are high, the price cap will rocket in a few months anyway so the capped SVT will only make a few months difference.

I presume you chose Good Energy because of their green credentials, as they were far from the cheapest before all of this started?

They were the incumbent supplier when we moved in. Inertia on my part, regretfully.

barker77

Good energy are selling all their generation assets I believe - I understand that Ofgem would then look again to see if they would remain exempt from the cap…

barker77

Co op energy could be worth a look btw - they are I believe almost 100% buying energy direct from community generators… 

s101

barker77 said:

Good energy are selling all their generation assets I believe - I understand that Ofgem would then look again to see if they would remain exempt from the cap…

That’s interesting. I did read somewhere that their price cap exemption would have to be regularly reviewed. Thanks.

barker77

https://www.energylivenews.com/2021/11/26/good-energy-sells-its-entire-energy-generation-portfolio/

worrywart_3

I’m your instance I would see if incould
move yes 

wittynamegoeshere

whirlyhead said:

I'm with Good Energy, my charges went up 20% in November, and are now going up 50% in January.  I'm sticking with them though - I went with them for their green credentials, their customer service is great (they've been very apologetic about the price rises), and I figure that everyone's prices are going to go up sooner or later. At least Good Energy aren't likely to go into administration if they can charge the going rate for energy.

Crikey, nobody could accuse you of not putting your money where your mouth is on green matters!

I suspect you'll be in a minority of their customers though, most must have surely abandoned their beliefs when faced with an 80% rise since November (20+50 compounded).

Will they remain a viable business once most of their customers have left?  Possibly not, economies of scale only work when there are a reasonable number of customers, they will have lots of fixed overheads that end up being shared by an ever-shrinking number of customers.

I'd assume their boss will still have a nice salary and company car, however few customers are left.