Help please for fixed rate!!

AAW2233

Any help would be appreciated.

I am currently on a fixed rate tariff until end of April 2022, my current tariff is

Electric 

SC 15.66p day unit 19.82p night unit 9.74

Gas

SC 15.66p  gas unit 3.02p

i have been offered an exclusive fixed rate until end of April 2023, which is:-

Electric

SC 24.93p. Day unit 33.80p Night unit 16.46p

Gas

SC 24.38p Gas unit 7.43p

Personally the way the wholesale gas prices are increasing due to the Ukraine/Russian war, I am teetering on the I may fix on this exclusive rate, I have a sneaky feeling this tariff will not be available much longer, as I think my provider will withdraw prior to the April 1st increase.

If I fix now, I understand that I will have to pay higher rates for the next two months compared to staying on my current fixed tariff.

These rates are comparable to the proposed April 1st increase for variable, but at least the fix would protect me from October 2023 increase.

My Million dollar question to you all is!! 

            What would you do?

QrizB

That fix looks OK to me.

AAW2233

Thanks QrizB, can I ask?

What would you do?  TIA

QrizB

AAW2233 said:

Thanks QrizB, can I ask?
What would you do?  TIA

No pressure then

If I was on your current fixed rate, and I was offered a choice of the april variable rate or the new fix you've sharted, i would take the fix. It would get me through the winter without any nasty price rise in October. The unit rates are pretty similar to those expected for the April cap but the electricity standing charge is 20p/day lower than it.

EssexHebridean

I'm on E7 and if I was offered that rate for electricity right now I'd have their hand off for it. Maximise what you use on the night rate and it's a winner.  (For context - it's a penny a unit approx less on the night rate than our SVT will be come April, a penny a unit more (approx) on day rate, and a LOT less on the standing charge.) As the gas appears to be roughly in line with the April prices - to me at least - it would be a hard yes from here. 

AAW2233

Thanks to everyone who has replied.

My utility bill from 1/1/22 to 1/2/22 was £84.40 for electric and £87.62 for gas added the vat at 5% total for both was £180.62 for the month.

OMG, using this bill for example on the exclusive April 2023 tariff I have been offered would be electric £143.25 gas £211.00 inc vat.

An increase of £173.80 for the month ! Whilst I appreciate my useage will be less in the summer months, this really drives home how much where all going to be hit with.

Theres no avoiding the price increases, just trying my best to minimize my losses 😩😩

Food for thought 😭😭

AAW2233

We are a family of 3 adults, two are elderly in all day so gas heating is on during the day at 16c. Evenings 18c. during the night 14c, brand new boiler and radiators set to minimum on eco mode. All lights in house are energy saving, so goodness knows why our bills are so high 😞😞

Thrugelmir

AAW2233 said:

We are a family of 3 adults, two are elderly in all day so gas heating is on during the day at 16c. Evenings 18c. during the night 14c, brand new boiler and radiators set to minimum on eco mode. All lights in house are energy saving, so goodness knows why our bills are so high 😞😞

The whole house doesn't need to be heated during the day. Just the rooms that are used. 

AAW2233

Thanks Thrugelmir, bit of difficult one!!

One elderly has terminal cancer so feels the cold terrible, the other has onset dementia and constantly leaves doors wide open, the house is a cold house best of times, despite trying best to add insulation measures.  So turning off in other rooms is not really an option, although I do agree it would help. Cheers