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HUGE increase in monthly gas and electricity bill imminent
I am interested to know what other forum members have experienced when their energy fixed term period comes to an end. I have been paying £112 per month and am being offered to fix my monthly payments to £376 p/m until Jan 23 or £332 p/m until Jan 24! If I do nothing the standard variable I will go on to in March 22 is £176 p/m. Are these fixed term quotes normal? I expected my bill to go up but the most expensive quote is more than a 300% rise!

Your advice would be appreciated.
Your advice would be appreciated.
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Comments
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Yes, all the energy companies are doing this, the standard rate is losing them money hand over fist.3
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Thinking in terms of monthly payments is a futile exercise. You need to work out your annual consumption in kWh/year and then apply that figure to each of the tariffs: that is, your old tariff and your new one. You will then get two annual costs which will provide you with a much more meaningful cost comparison.4
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Advice post in the energy forum .This is Oil and LPG section .1
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if the standard variable now is £176 p/m then expect that to increase to around £260 come 1st April. As Dolor says - think about usage rather than the DD figure to ensure they are quoting an accurate figure and not just making up a number now and increasing it tomorrow.1
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We've moved this to the main Energy board.
(If you spot a thread in the wrong place, feel free to use the 'report' button)Official MSE Forum Team member. Please use the 'report' button to alert us to problem posts, or email forumteam@moneysavingexpert.com1 -
TheMilkmansDad said:if the standard variable now is £176 p/m then expect that to increase to around £260 come 1st April.
This. If you are using typical/average amount of energy then your £176/month WILL rise and could be £250/m from April 22 and there is also the possibility it could go up again just before Winter 22 - at that point in time, if prices continue to rise, a fixed £332 p/m you signed up for until until Jan 24 might sound quite attractive for fixed/peace of mind if you can afford it.
Over 12 months that fixed cost is a huge jump per month and you might not 'win' - over 24 months there is more of a chance you will 'win' in the long run but even then it could be marginal.
However, nobody really knows - apart from the fact prices are definitely heading upwards.
I think Martin said that if you are offered a fix <=40% above then its probably worth going for. your figures are a 100% increase
Hope this helps a little.1 -
[Deleted User] said:Thinking in terms of monthly payments is a futile exercise. You need to work out your annual consumption in kWh/year and then apply that figure to each of the tariffs: that is, your old tariff and your new one. You will then get two annual costs which will provide you with a much more meaningful cost comparison.0
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Markt2795 said:Dolor said:Thinking in terms of monthly payments is a futile exercise. You need to work out your annual consumption in kWh/year and then apply that figure to each of the tariffs: that is, your old tariff and your new one. You will then get two annual costs which will provide you with a much more meaningful cost comparison.1
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There is no figure on the front screen of the meter and they keep asking me for meter readings so I don't think they are getting readings at all. I agree, you think that they would want it resolved asap but they simply are not delivering despite me going through they complaints process which has now escalated to their CEO!0
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Read your meter, then look back on each monthly bill and find out where you are,0
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