Fixed tariff nearly finished, worried!

OrbitHeadache

So currently I pay around £100pm for:

Electricity

Fix Again 1 Year v8

Fixed term ends 29/05/2022

18.55 p/kWh 10.50 p/day

(All rates inc. VAT)

Gas

Fix Again 1 Year v8

Fixed term ends 29/05/2022

3.69 p/kWh 10.50 p/day

(All rates inc. VAT)

Is it fare to say won't get such a deal again? Would people suggest I shop around a month before my tariff expires?

LindsayT

Are you able to fix now at those rates? Which company are you with? Those rates sound awfully cheap to me.

Verdigris

Enjoy it while it lasts. Put money aside to pay at least double when it ends.

EssexHebridean

You’re definitely not going to get anything close to that now - not on the standard variable rate, and certainly not on a fix. Sorry to be blunt about it, but there’s little point beating around the bush. 

Do the sums NOW so you know what you will be paying from June. Work out your actual usage over the last 12 months, and then calculate your new annual cost using the new capped rates coming on on April 1st. It’s not going to be pretty, but it’s vital that you know. Then start stashing money aside against future bills, and expect your supplier to contact you about an much increased direct debit. 

OrbitHeadache

LindsayT said:

Are you able to fix now at those rates? Which company are you with? Those rates sound awfully cheap to me.

I am currently with Eon.

Tariff ends in May.

Suppose lucky to have fixed deal currently however like everyone else worried about the future.

Thanks for all the replies everyone

GUZZI81

I feel so lucky  now I took a risk back  in September last  year and took  out a 2 year deal with shell energy   September  2023 v2 , as my old was ending  in October. Costing  more than the October  price cap  .Electricity unit  22p standing  charge 22p Gas 4.93p standing  charge  14.7p..so 6 month more expensive  , saving  18 months..though  my gas price  was 2.46p per unit massive jump  at the time..

GUZZI81

I have just  moved in to a 2nd floor 2 bedroom  apartment ..I am on the top floor of a  32 year old building..up to spec with the energy  codes..my first  bill was £56 for both electricity and gas...lucky  for the old lady  in her 80s has the heating  on all day and night. So my heating  Doesn't  go on till about  7pm to 19.5c from  around  18c  some days not had any heating on..massive drop from my  4 bedroom  house  from the mid 60s were my bill was around  £100 pm ..with the house  prices  so high  I sold up and bought  a apartment  miles cheaper  to run, freehold  so ground no  rent   service  charge  £1000 pa all down  to Martin Lewis  tips over the last  year...so happy  I retired..I don't  have  a private pension,  so my house  sale  down sized...Leaves  me with a great  

The_Fat_Controller

If the £100 you pay actually covers your usage, be prepared for your bill to at least double.

If you post your actual annual usage for gas and electricity, someone will do the sums for you, be prepared for a shock.

My EDF fix ends in June and based on my actual annual usage my bill will go from £670 to £1515 when I go onto the Standard Variable Rate, well over double.

As of yesterday, the cheapest fix available from EDF was £2748

Malchester

Luckily went onto 3 yr fix with EDF in September last year as could see what was possibly going to happen. Elec 21.65p per kwh and 23.5p per day standing charge. Gas 4.006p per kwh and 23.5p per day standing charge. Exit fees are only £15. With the way things are going it seems to have been a shrewd decision. If prices drop dramatically within the 3 year period it costs virtually nothing to move to a better tariff.