Is it worth me fixing my energy tariff?

squarehead94

So currently paying £95/month (1162/year) and the 12 month fix price is 1604/year or 133/month. 

Price breakdown is:

We currently pay

1162.89/Yr 

Electric 

Unit rate 20.14p/kwh

Standing charge 24.38p/day

Tariff comparison rate tcr 23.21p/kwh

Gas

4.04p/kwh

Standing charge 26.12p/day

Tcr 4.81p/kwh

12 month fix

Electric

26.25p/kwh

40.57p/day

Tcr 31.36p/kwh

Gas

5.52p/kwh

42.31p/day

Tcr 6.76p/kwh

Suggestions appreciated

spot1034

Is that Eon Next? It looks quite like it from the rates quoted - not exactly the same for me as you're in a different area I expect. I'm struggling with the same dilemma, the main reason being I'd lose two months of the present cheaper rate. I would expect wholesale rates to come down at some point enabling them or another provider to offer a similar sort of deal later in the year - perhaps in April but quite possibly not as soon if the Ukraine situation keeps prices high for longer.

The wholesale rate for spring and summer dropped into the 140 to 150p per therm range a couple of weeks ago, before spiking again as Putin moved his troops. I suspect that was when Eon secured gas to sell at at that price. In theory, if the crisis eases (and with winter more or less over) the price could easily return to that level, or even lower. On balance I think I will wait and hope for the best, but it is all guesswork.

Flight3287462

I would set up a spreadsheet based on current prices, post April SVT price and have a stab at post Oct SVT prices (this is the tricky one) with your rough monthly energy use for those months.  That will give you a better idea.

GingerTim

Those are some pretty punishing standing charges - that'll add about another £120 to your annual bill.

squarehead94

spot1034 said:

Is that Eon Next? It looks quite like it from the rates quoted - not exactly the same for me as you're in a different area I expect. I'm struggling with the same dilemma, the main reason being I'd lose two months of the present cheaper rate. I would expect wholesale rates to come down at some point enabling them or another provider to offer a similar sort of deal later in the year - perhaps in April but quite possibly not as soon if the Ukraine situation keeps prices high for longer.

The wholesale rate for spring and summer dropped into the 140 to 150p per therm range a couple of weeks ago, before spiking again as Putin moved his troops. I suspect that was when Eon secured gas to sell at at that price. In theory, if the crisis eases (and with winter more or less over) the price could easily return to that level, or even lower. On balance I think I will wait and hope for the best, but it is all guesswork.

Yes, eon next. Currently on their flexible tariff so can leave anytime. However I'm currently using more than the 95pm apparantly (smart meter in) I just moved into this house in December and that was the price given but my Last bill was 120.

colinsmith

Currently with Eon. I am waiting for the spike to happen according to the news today

wild666

If the new cap is anything to go by anything under 28p E and 7p G would be worth taking up but the standing charges might make up for any cheap rates offered. In reality any fixes are going to be above the capped rates for April.

EssexHebridean

Having only just moved in make sure you do give frequent readings or at least check that what the smart meter is sending back agree with your own readings. That's the best way of ensuring they get a good picture of your use although obviously this is the heaviest use time of year so that may skew things depending how good they are at adjusting for that. 

Out of interest I checked our comparisons earlier on and there are NO fixes available to us that I would even give consideration to at the moment. 

squarehead94

Based on my usage figures, i used 1100 KWh gas and 336 Kwh Electricity. (23 December - 23 January, Smart Meter readings which do match up)

 Having calculated it based solely on those stats (im yet to work out how to work our bloody thermostat to turn it down - but radiators are turned down to 1 anyway!) my monthly bill for those figures would be as follows:

Price Cap 
Gas - £85
Electricity - £111

Fixed 12 months 
Gas - £73
Electricity - £101

Now don't get me wrong, I do like the certainty of what my bills are going to be, but is my gas usage likely to be significantly less come the warmer months or is that about an average usage all year round? Part of me says take the fix for certainty but ive also heard there is a chance prices will drop come the next review, but they could also rise...

Also, there is no guarantee on what I would end up paying per KWh and day standing charge, I've based the above price cap on the maximum, but my current flexi tariff isn't at the maximum daily charge/KWh charge. Rock and a hard place

squarehead94

Edit: seems Eon Next have been very cheeky and increased the tariff costs overnight... as these were yesterdays figures which are now dramatically higher...