Should I fix or go on variable tarrifs?

ruxton28

My fixed rate Energy plan is supplied by EON and is due to end on March 26th. it is called Fix online exclusive v63
I am being offered two options.
Next flex tarriff which is variable and based on the next 12 months it will cost Elec £594 and gas £862 totalling £1456
Next 2 year v17 and based on the next 12 months it will cost Elec £990 and gas £1787 totalling £2777

the obvious thing to do is to go against what I normally do and do nothing and go to the flexible rate one. 
is it worth doing a price comparison on a comparison site or just stay where i am on a flexible rate?
if i stay on a flexible rate i am concerned that rates will shoot up again

emmajones1976

You need to post the unit rates for anyone to offer any meaningful advice. The direct debit amount is merely a contribution to the bill.

QrizB

ruxton28 said:

if i stay on a flexible rate i am concerned that rates will shoot up again

Next Flex is EON Next's standard variable tariff. The rates you've been quoted are likely to be based on the current cap, and can be expected to increase in April. It's likely that your annual electricity bill will increase to around £800 and your gas bill to around £1600, total £2400. That's still cheaper than the 2-year fix but could increase further in October (no-one knows if it will and anyone claiming otherwise is just guessing).

If you tell us your estimated annual consumption (shown on your bill) and the unit rates you've been offered, we can calculate some more accurate numbers for comparison.

ruxton28

Estimated annual consumption is gas - 18966 KWh and electric 990 KWh
The tariffs I have been offered are;Next flex tariff Electricity Unit rate 20.14 p/kWh Standing charge 24.38 p/day Gas Tariff Unit rate 4.04 p/kWh Standing charge 26.12 p/day Next 2 Year v17 Direct Debit version Electricity Unit rate 33.37 p/kWh Standing charge 41.83 p/day Gas Tariff Unit rate 9.02 p/kWh Standing charge 21.01 p/day So it looks like i'm better off doing nothing and letting EON change me to the variable tariff. I am currently paying around £1200 PA. Is it worth me doing a comparison site visit and looking at variable rates only or just stick with EON

BUFF

ruxton28 said:

 Is it worth me doing a comparison site visit and looking at variable rates only or just stick with EON

Probably not. The tariffs that are publicly available (as opposed to some existing customer "loyalty" tariffs) to people moving suppliers will likely be extortionate.

QrizB

ruxton28 said:

Estimated annual consumption is gas - 18966 KWh and electric 990 KWh

OK, based on those numbers you're looking at:

• Next Flex (current rates): £1160/yr
• Next Flex (April cap): £1940/yr
• Next 2 Year V17: £2270/yr

The fix is only worth taking if you think prices will rise more than 15% in October this year and stay there for the following 18 months.

bristolleedsfan

ruxton28 said:

My fixed rate Energy plan is supplied by EON and is due to end on March 26th. it is called Fix online exclusive v63
I am being offered two options.
Next flex tarriff which is variable and based on the next 12 months it will cost Elec £594 and gas £862 totalling £1456
Next 2 year v17 and based on the next 12 months it will cost Elec £990 and gas £1787 totalling £2777

Next 2 year v17 is effectively a go away tariff on quote page for prospective new customers

Next Online v10 still showing as available for existing customers to change to

https://www.eonnext.com/tariff-search