Energy dilemma fix or not to fix

hib67

Hi

Just got my new figures from Eon (eon next).  As of 01 April.

With Eon I will (on estimated usage) go to £2051 per year - £170 pm direct debit
if the increase in Oct is as expected around 54% that will change to £3160 per year - £263 pm direct debit.

Now I know this is estimated usage and we are heading into spring/summer so our usage will go down drastically.  But I can fix now with OVO for 1 year at £259 pm.   

I don't know whether to jump now and get in before it goes up in October or stick it out a bit longer 

HELP

tacpot12

I don't think anyone will be able to help. We don't know what OFGEM will do with the cap. We know they are very likely to increase prices, but we don't know how much. 

I'm still on a fixed deal that ends in April. When my supplier offers me their renewal deal, I'll look to see how much the cap would have to go up before it will be more than the fixed rate I'm being offered and take a punt then. 

Ultimately, for the next year my partner and I plan to reduce our consumption down to what we can afford, even if this means not having the heating on until there is a risk of pipes freezing. 

Ultrasonic

The 54% figure is an average rise in April, not a prediction for the rise in October. The latter is a big unknown right now.

Nobody can say for certain what the best thing to do is right now. I'd lean towards avoiding expensive fixes right now but if the price cap shoots up in October it could turn out that fixing was the better choice.

Is your OVO figure for the same estimated annual use as used by Eon?

hib67

it's now forecasting that the rise in October could be a shocking 47%. 

Ultrasonic

hib67 said:

it's now forecasting that the rise in October could be a shocking 47%. 

We're so far out that any current estimates have huge uncertainty. Not that I would be at all shocked if it were something like 47%.

I just commented above because the 54% figure you mentioned is exactly an average figure often quoted for the April cap price rise so I thought this was probably what you were thinking of.

Ultrasonic

Ultrasonic said:

Is your OVO figure for the same estimated annual use as used by Eon?

^What was the answer to this question? I asked because your OVO DD figure is only meaningful for comparison if it is.

hib67

yes i always use usage for comparisons

Mstty

hib67 said:

Hi

Just got my new figures from Eon (eon next).  As of 01 April.

With Eon I will (on estimated usage) go to £2051 per year - £170 pm direct debit
if the increase in Oct is as expected around 54% that will change to £3160 per year - £263 pm direct debit.

Now I know this is estimated usage and we are heading into spring/summer so our usage will go down drastically.  But I can fix now with OVO for 1 year at £259 pm.   

I don't know whether to jump now and get in before it goes up in October or stick it out a bit longer 

HELP

As you are an Eon Next customer have you rung them up. There have been unconfirmed reports that they are still accepting people onto their v18 2 year fixed deal which is basically the price cap prices on 1st April fixed for 2 years with slightly raised daily charges.

Might be worth a go ask them specifically for the V18 2 year fix deal and that you were offered it but it disappeared online.

Elec 29.24p kWh Gas 7.34p kWh from memory

jimexbox

I've got the eon v18 2yr tariff, which disappeared midnight March 31st.

April 1st rates, plus 50 quid extra standing charge on gas a electricity per year. No exit fees. Good luck anyone who can get this now. 

QrizB

jimexbox said:

I've got the eon v18 2yr tariff, which disappeared midnight March 31st.

March 31st is tomorrow.

Please can I borrow your time machine, I want to buy some Apple shares in 2003?

jimexbox

QrizB said:

March 31st is tomorrow.

Please can I borrow your time machine, I want to buy some Apple shares in 2003?

Oops, end of Feb. I nabbed it 10 minutes before it was pulled.