Scottish power all electric fix ending 30 April, not sure what do do next

anna42hmr

I am currently on a fix with scottish power (all electric property) that is due to run until 30 April, i have had an email today with an "exclusive" offer of a fix, as well as two others.  Trying to work out wether it is worth jumping to another fix now or if its best to sit tight still and stay on the cheapest rates til 31 April and see the situation then.

Current rates i am charged on the tariff i am is:

Day rate: 20.611p
Night rate: 10.106p
standing charge:18.790p

However they are now offering the following options:

Exclusive Fixed April 2023 B2
day rate: 34.43p
Night rate: 16.98p
standing charge: 22.74p

Fixed Price May 2023 M1
day rate  36.17p
night rate 22.48p
standing charge 25.17p

Help Beat Cancer Green Fixed May 2024 
day rate 36.17p
night rate  22.48p
standing charge 26.81p

Would it be worth moving to one of these now, or better to sit and see what the situation is come 31 April, especially as from around mid april i generally use less electricity as switch heating off etc from then until late September so naturally use less electric.

I have tried to find their standard variable costs, however the only one i can find on scottish powers site seems to be as follows:

STANDARD ONLINE
day rate 25.121
night rate 11.439p
standing charge 25.17p

However this seems to be based on the current price cap, not the one coming in on 1 April, as such i am finding it harder to work out the benefit of these new offers compared to what the price cap will be from then when this fix actually ends at the end of April.

any help or comments would be appreciated. 

spot1034

Wait for 31 April. It might never happen. 

[Deleted User]

Hi. You're on the same tariff end date as me. I'm with Scottish power fixed until 30/4/22 with roughly the same unit rates. 
I'm on the economy 7 tariff. I'm trying to hold out until the last 49 days of the fix as I have a £30 exit fee, if my nerves can stand it. Then look around.
Although the exclusive fix May 23 B2 is tempting me.  
We're all in the same boat, hard to know when to stay and when to jump to another deal. Wish we had a crystal ball. 

spot1034

Being serious, the international situation is complicating things a lot, but it looks as if wholesale electricity prices are falling a bit, and if this trend becomes more definite, that might lead to better fixes. With two and a half months to go I would hold on to see what is on offer then. But it is all guesswork.

[Deleted User]

spot1034 said:

Wait for 31 April. It might never happen. 

Hi,

haha, April fool.

anna42hmr

spot1034 said:

Wait for 31 April. It might never happen. 

Lol  didn't notice i typed 31 april, meant to write 30th lol changed it now!

anna42hmr

[Deleted User] said:

Hi. You're on the same tariff end date as me. I'm with Scottish power fixed until 30/4/22 with roughly the same unit rates. 
I'm on the economy 7 tariff. I'm trying to hold out until the last 49 days of the fix as I have a £30 exit fee, if my nerves can stand it. Then look around.
Although the exclusive fix May 23 B2 is tempting me.  
We're all in the same boat, hard to know when to stay and when to jump to another deal. Wish we had a crystal ball. 

thanks, its hard to know what to do for best, mine has an exit fee of £30 as well, but scottish power waive this if i stick with one of their tariffs, which is partly why considering it now.   

anna42hmr

spot1034 said:

Being serious, the international situation is complicating things a lot, but it looks as if wholesale electricity prices are falling a bit, and if this trend becomes more definite, that might lead to better fixes. With two and a half months to go I would hold on to see what is on offer then. But it is all guesswork.

thats a point, its so up in the air at the moment thank you.  may sit tight for a little while and see.  

[Deleted User]

Also if you change now to another fix you're locked in with another exit fee with Scottish power. If you wait until the 49 days, which isn't that long now you can look then at other suppliers. My 49 days are around 13th march. 
Everyone has different ideas. I do like certainty though, but it's all up in the air at the moment.

Rodders53

Wait.
SP will have to publish their post-April 1st rates any day now to give customers the necessary 30 days notice.  THEN you have something concrete to use as a comparison.  But you'll have the best rate available to you until the 30th April on your current fix.

e.g. Eon Next have e-mailed me to say they will publish their new SVR "soon"...

anna42hmr

Rodders53 said:

Wait.
SP will have to publish their post-April 1st rates any day now to give customers the necessary 30 days notice.  THEN you have something concrete to use as a comparison.  But you'll have the best rate available to you until the 30th April on your current fix.

e.g. Eon Next have e-mailed me to say they will publish their new SVR "soon"...

Thanks for the reply, will keep an eye out for the april 1st rates and see from there.