Energy do I need to pay more?

Licklev

Hi I am currently on 

Help Beat Cancer Fixed Saver February 2023 Online. This is duel fuel with Scottish Power 

I wanted to know do I stay on this tariff or change.
Also is it worth increasing my dd so when it does change in 2023 I'm not paying excessive amounts to catch up on the increases.

wild666

I would stay on that tariff if it's lower than 40% of the price cap from April, any prices less than the prices it will increase to from April will be a win, but increase the DD in the last month of the fixed deal so you aren't hit with a major DD increase, by how much is your guess as I would work out the usage for the previous 11 months then work out the price at the price cap in place at the time and divide by 11 then multiply by 12, this would give an estimate of yearly usage then set the DD at around the level of one twelfth of the total.

victor2

Licklev said:

Hi I am currently on 

Help Beat Cancer Fixed Saver February 2023 Online. This is duel fuel with Scottish Power 

I wanted to know do I stay on this tariff or change.
Also is it worth increasing my dd so when it does change in 2023 I'm not paying excessive amounts to catch up on the increases.

Assuming the rates are lower than any other tariffs you can get, especially after the April increase on the standard tariff caps, stay where you are, as it will save you money.

You will almost certainly face a price increase when the tariff does end, and you will get the crazy (IMO) £200 credit later this year, then will be hit with an annual £40 charge on your utility bills for the next 5 years. You could increase your DD to build up credit for when the tariff ends, or you could just put money aside in your bank account for that purpose. The people who will really benefit from the £200 credit are going to effectively spend it and then find it difficult to cover the repayments.

If you feel better having the money where it's much harder to get at, it's not as if you'll lose much interest, so maybe you could give it to Scottish Power by increasing your DD a bit. It is protected there should they go bust, and if you leave them, you should get it back.

Best way to lessen the impact in 2023 is to find ways of reducing your energy usage now though - and let that build up credit...

[Deleted User]

Hi,

be helpful for comparison if you could give tariff and standing charge rates.

Were you on the tariff before the new price cap was announced?

Robin9

Just make sure that your DD keeps up/or down with the costs - there's no point in building up a credit- come Sept 23 you may well swop to another supplier

QrizB

Licklev said:

Hi I am currently on Help Beat Cancer Fixed Saver February 2023 Online.
This is duel fuel with Scottish Power 

For my region, the rates on that tariff are:

• Electricity: 16.908p/kWh, 31.27p/day
• Gas:3.125p/kWh, 31.27p/day

For Ofgem's typcial user, that would cost £1094/yr vs. the current cap of £1277/yr and the future cap of £1971/yr.

I wanted to know do I stay on this tariff or change.

In your position, I would stay on it until it expires in February 2023.