Energy Fixing

Hamiltonc

Martin Lewis advises it's probably not best to fix unless it's 50% over the price cap? What does this mean?

Say on a variable tariff, you're paying £76 a month, using this value, what does don't fix unless it's 50% over the price cap really mean?

Thank you

QrizB

The current cap is around 4.1p/kWh for gas and 21p/kWh for electricity, with a standing charge of 25p/day per fuel.

50% over that would be 6.15p/kWh for gas and 31.5p/kWh for electricity, with a SC of 37.5p/day per fuel..

Hamiltonc

QrizB said:

The current cap is around 4.1p/kWh for gas and 21p/kWh for electricity, with a standing charge of 25p/day per fuel.

50% over that would be 6.15p/kWh for gas and 31.5p/kWh for electricity, with a SC of 37.5p/day per fuel..

Yeah the fixes are over 50 percent too I think

Astria

If you don't understand it, it's best to stay where you are and do nothing - it's still a gamble whichever way you jump. For all we know they might decide to smooth out the price increase over several years (so a price increase twice per year regardless of the wholesale cost) rather than increase by 100% in one jump.