Tariff increases, an example

hallmark

Our fixed-rate deal was £159/month and ended Monday.  Since December we've checked what we could fix at, each month we're offered 4 deals, this is the best each month:

December we were offered £307/month
January we were offered £429/month
Today it's £604/month

(all with Scottish Power)

So no option now but to default to the standard tariff and pay however much it costs under the cap (I'm guessing about £400/month if my sums are correct)

I personally don't blame Martyn for his advice not to opt for a fix last year (IIRC he did caveat it, and anyway I knew the risks).  A lot of people will though, especially when it dawns on them what they're going to be paying.

QrizB

What is your estimated annual consumption? We can calculate your monthly payment at the cap and compare that to the fixes you've been offered.

hallmark

2021 usage:
Electricity 5196 kwh
Gas 29415 kwh

jimexbox

hallmark said:

2021 usage:
Electricity 5196 kwh
Gas 29415 kwh

That's very high gas usage. Would scare me to death... 

QrizB

OK, so on the current cap (ends this month) you'll be paying £2465/yr, £205/month.

On the cap from April you'll be paying £3905/yr, £325/month.

If a SVT customer had taken the £307 December fixed-rate tariff they'd have been paying £102/month more for 4 months, then saving £18/month for 6 months.

hallmark

Yes, just did the sums properly myself and arrived at the same:

£1472.35 Electricity
£165.49 Electricity standing charge
£2167.84 Gas
£99.35 Gas standing charge

So I'll change my DD to £325/month or so. Thanks for doing the sums too, means I trust I'm calculating it correctly.