energy prices

Kessian

Just got my new estimated payments from April this Year £322 per month, if i choose 2 year fixed tariff it's £330 per month. Considering another 20% increase on top of the new payments in October think the fixed tariff may be the best option. Any advice out there because people are saying wait and see what really happens. Now with the Ukraine situation prices are likely to go even higher. Currently paying £210 per month but with 3 disabled people at home heating is always on, we do claim warm winter and winter allowance from gov plus the cold weather but looking at a 60%increase is frightening

jbuchanangb

Whether to fix for 2 years is largely guesswork. But it would at least bring peace of mind. Only the members of your household know what scope you have to reduce your energy consumption. Remember that the amounts you pay monthly do not pay for all the energy you use. They just go into an account, out of which the actual charges for energy are then deducted. You should calculate what you expect to pay over the next 24 months using the proposed daily rate times 730days, and the actual kWh consumed in last 12 months (gas & electricity separately) doubled as a forecast for next 2 years. Using the daily standing charges (electricity & gas), and the rate per kWh (electricity & gas) work out how much you expect to pay for 2 years. Deduct any credit balance on your account (or add debit balance) then divide by 24 to determine what you should pay.

Ant555

Are you on a fixed tarrif that is due to end?

Do you know your current annual usage in kWh for gas/electricity?

Without knowing your usage figures its hard to advise however, you say that it may be difficult to reduce your energy usage so if you are not on a fixed then your monthly cost is going up whatever happens.

If its going up to 320 anyway but you can fix for 2 years at 330 then that definitely sounds attractive depending on the exit fees.