Should I fix gas and electricity Provider.

DizzyNor

Hi All!
I've just watched Martin's video on gas and electricity and he is advising that MOST people should not switch at present, however he did say that existing customers of Scottish power may be offered a better deal and so switching might be advisable for them. I fall into this category.
My fixed deal ends on 31st Jan so I need to make a decision quickly.
Scottish powers current variable rate (taken from their website) is 
Electricity : Standing charge 24.38 unit rate 20.14
Gas : Standing Charge 26.11 unit rate 4.043

I have been offered the following deal: 
Electricity : Standing charge 21.64, Unit rate 22.72 (£30 exit fees)
Gas : Standing charge 21.64 Unit rate 6.27 (£30 exit fees)

I've looked into what the price cap is currently, and come up with 21p for electricity and 4p for Gas. I assume that since the fixed deal that Scottish power are offering me is dearer than that, that the price cap only applies to standard variable rate tariffs?

Whilst the gas rate is a hike up from what I currently pay, the electricity isn't massively more but I have no clue how to crunch the numbers and figure out if I should be bagging this offer, or running a mile.

Sorry to be asking for help in my very first post!

DizzyNor

Sorry I meant FIX not switch!!

meinnit

That's one of the better fixed rates on offer today. Worth considering

Astria

DizzyNor said:

Sorry I meant FIX not switch!!

Are you sure the electricity unit rate is correct as that seems very cheap for a fix. I'd expect it to be 30p+ after April.

The gas is 50% more than the cap and the expected amount.

DizzyNor

I should have mentioned, its only fixed until March 2023.

TheMilkmansDad

add 50% to each rate on the current variable they have to give you the "predicted" April cap rates

Work out how much energy you use throughout the year and do some quick maths. Compare the predicted rates to what the deal is that's offered. If the offer is lower then its worth considering, although you need to be aware of the exit fees should prices plummet over the next 12 months (who knows!).

DizzyNor

This is what i'm being offered:

About your tariff

---

 Electricity

Tariff

Exclusive Fixed March 2023 B1

Payment method

Monthly direct debit

Standing charge

21.64p

Primary unit rate

22.72p

Exit fee

£30.00

Tariff end date

31/03/2023

 Gas

Tariff

Exclusive Fixed March 2023 B1

Payment method

Monthly direct debit

Standing charge

21.64p

Primary unit rate

6.27p

Exit fee

£30.00

Tariff end date

31/03/2023

PennineAcute

That is very similar to what I fixed with EON Next and no exit fees

Gas: UP 5.48p SC 26.123p

Elec: UP 22.36p SC 24.38p

However, mine was for 18 months.  I probably would not have taken it if it was just for 12 months.

saintscouple

Wish i was offered that tariff with SP.
I currently pay 14p per kwh for electric with them, and they are offering me this Fixed May 2023 tariff....
Incidentally i currently pay £108 a month, this tariff would cost me £260 a month! 

DizzyNor

Wow those prices are horrific!
I wonder if the rate they have offered me has anything to do with me reporting them to the ombudsman last year for leaving me with a faulty smart gas meter for 8 months that couldn't be read...

bristolleedsfan

saintscouple said:

Wish i was offered that tariff with SP.
I currently pay 14p per kwh for electric with them, and they are offering me this Fixed May 2023 tariff....
Incidentally i currently pay £108 a month, this tariff would cost me £260 a month! 

That tariff is identical to quote page for prospective new customers, effectively go away rates, I would be very suprised if SP have emailed you offering that tariff as a existing customer with fixed rate renewal due in forthcoming months without offering another cheaper fixed rate