Fixed tariff coming to an end

Bronia80

Well I’m even more confused now 

Astria

Bronia80 said:

Well I’m even more confused now 

Do you want to gamble? If so, drop onto the SVR. Be warned that it could be higher than some fixed deals currently available by next April.

Or do you want to know how much your energy will cost for the next year/few years? If so, sign up to a fixed deal.

That's pretty much all there is to it.

Considering your fix doesn't end until next February means you've already got the winter at a reduced rate, so that argument is out of the window...

Bronia80

Astria said:

Bronia80 said:

Well I’m even more confused now 

Do you want to gamble? If so, drop onto the SVR. Be warned that it could be higher than some fixed deals currently available by next April.

Or do you want to know how much your energy will cost for the next year/few years? If so, sign up to a fixed deal.

That's pretty much all there is to it.

Considering your fix doesn't end until next February means you've already got the winter at a reduced rate, so that argument is out of the window...

my deal ends next month 

bristolleedsfan

Bronia80 said:

Well I’m even more confused now 

Octopus Loyalty 12 month fixed
Electriicty kwh 39% ish  above current cap
Gas kwh 108% ish above current cap

username

Dolor said:

bristolleedsfan said:

username said:

As for the do nothing option, what protections will there be come a review in April? I

It is hoped fixed rates and/or Octopus tracker tariff  will be cheaper by then.

Octopus tracker tariff gas maximum  6pkwh - 15p17p per day standing charge based on formula the tariff is set currently

Electriicty maximum 30pkwh, hopefully will be consistently lower by then, Standing Charge 16-18p per day

https://octopus.energy/tracker/  Smart meter or no Smart meter

Loyal Octopus 12M Fixed December 2021 v3

Electricity Unit rate: 27.45 p/kWh  Standing charge: 24.38 p/day

Gas Unit rate: 8.39 p/kWh ( more than double current energy cap, coldest month ahead) Standing charge: 26.1 p/day

The problem with a ‘do nothing’ approach is that once the April price cap is announced next month then all the fixed prices on offer today will be withdrawn/changed. We can all hope but given the way that our Government has managed this crisis so far, I wouldn’t bet the farm on massive intervention to bring prices back into a more normal cost pattern. Bear in mind that Germany has just closed a number of nuclear power stations and when the wind doesn’t blow and the sun doesn’t shine then gas is used to produce electricity (as is the case in the UK).

Appreciate the insight. For disclosure, these are the rates I have been offered (I am in the South East, these are for Flexible Octopus):

Electricity
 
Daily charge 24.03 p/day
Unit rate 21.37 p/kWh
 
  Gas
 
Daily charge 26.11 p/day
Unit rate 4.01 p/kWh

I have never understood the drive to get to all use more electricity, considering it costs about 5x the amount of gas.

It might save a few polarbears but having read the stories of people here that have been stuck with all-electric properties it seems incredibly costly. Unless of course you've got deep pockets, solar panels. a heat pump, wire to the lamp-post outside etc.

Yes, this is Jeremy Clarkson writing in disguise (!).

Astria

Bronia80 said:

Astria said:

Bronia80 said:

Well I’m even more confused now 

Do you want to gamble? If so, drop onto the SVR. Be warned that it could be higher than some fixed deals currently available by next April.

Or do you want to know how much your energy will cost for the next year/few years? If so, sign up to a fixed deal.

That's pretty much all there is to it.

Considering your fix doesn't end until next February means you've already got the winter at a reduced rate, so that argument is out of the window...

my deal ends next month 

Yes, that's what I said, February. It's January at the moment.

Ant555

Astria said:

Bronia80 said:

Astria said:

...fix doesn't end until next February...

my deal ends next month 

Yes, that's what I said, February. It's January at the moment.

LOL, im chuckling at the  "this Feb, Next Feb" confusion as we have discussions about this terminology all the time at home -

Today is Thursday and if I say 'lets go out next Saturday' - I mean in 9 days time but my wife will assume I mean in 2 days time - to me, the Saturday in 2 days time is 'this Saturday'. 

My thinking: This week=this Saturday, next week=next Saturday - and this confusion has been going on in my house for 25 years with no immediate signs of it being resolved.

Bronia80

Astria said:

Bronia80 said:

Astria said:

Bronia80 said:

Well I’m even more confused now 

Do you want to gamble? If so, drop onto the SVR. Be warned that it could be higher than some fixed deals currently available by next April.

Or do you want to know how much your energy will cost for the next year/few years? If so, sign up to a fixed deal.

That's pretty much all there is to it.

Considering your fix doesn't end until next February means you've already got the winter at a reduced rate, so that argument is out of the window...

my deal ends next month 

Yes, that's what I said, February. It's January at the moment.

I know it’s January! You said my deal ends next February, it doesn’t it ends this February this year. 

AdamTungatt

PLEASE HELP!! I'm facing the same issue and really need some help - my fixed tariff is due to end at the end of February and I don't know if the new fixed deal is what I should go for or if I should go to variable?? The new predicted rate is meant to increase by £500 a year. 
Is that good with the new changes or can it be better? I'm with British Gas.
I'm currently on - Exclusive Energy Feb 2022v2 - with these rates:

Gas
Standing charge:

26.000p/day

Unit rate:

2.927p/kWh

Electricity

Standing charge:

23.788p/day

Day unit rate:

20.848p/kWh

Night unit rate:

8.534p/kWh

it's due to move to:

Gas

Standing charge:

27.494p/day

Unit rate:

5.618p/kWh

Electricity

Standing charge:

33.690p/day

Day unit rate:

35.128p/kWh

Night unit rate:

13.577p/kWh

Is that too extreme? any help appreciated!! 

QrizB

AdamTungatt said:

PLEASE HELP!!

it's due to move to:

Gas

Standing charge: 27.494p/day

Unit rate: 5.618p/kWh

Electricity

Standing charge: 33.690p/day

Day unit rate: 35.128p/kWh

Night unit rate: 13.577p/kWh

Is that too extreme? any help appreciated!! 

That gas rate is good by current standards. The electricity isn't terrible either.

What is the name of the tariff asnd how long is it fixed for? Any exit fees?