Stick or Twist - Currently on a Deal Until end of September

ChrisMrT

Hi,

I'm watching on currently at the madness in the energy market and kind of happy that I'm on a deal until 28th September, but worried what will happen by then. I've no exit fees, so I'm wondering if I should go for a new (more expensive than my current) deal before then, or ride out my current deal but risk what I move to being even more expensive than what I could get moving early.

The detail, I'm currently on Sainsbury's Energy 1 Year Fix And Reward V19. For electricity I'm paying 19.278p per kwh and 17.53p per day, gas I'm paying 3.835p per kwh and 19.27p per day. with the glorious benefit of hindsight, I'm wishing I'd gone for the more expensive 2 year deal :-(

I've had a scroll, but i can't see this question already having been posed.

Thanks,

Chris

Mstty

If I was you I would stick as imo it's 50/50 as to whether prices go up in October this year and likelyhood is any deal from now til then is standard variable rate prices anyway.

Enjoy your cheap summer. 

We were one of the people moved from Symbio 14p KWH elec to Eon Next 20.82p KWH elec. Fixed Eon Next for 2 years at 29.24 KWh 😳 (No exit fees they just asked for one of my kidneys as collateral 🤣🤣)

Ultrasonic

I would 'stick' with very little hesitation.

ChrisMrT

Hi I'm back to this post. I'm getting a bit twitchy that if I wait until September, any fix is going to be really poor, but sticking on the SVR could bite me too with increases in October and January. As things stand they're offering,

Sainsburys Standard Variable

SAINSBURYS_STANDARD_VARIABLE

£167.78 per month

£2,013.35 per year

Unit charge

28.02p/kWh

Standing charge

42.24p/day

Unit charge

7.34p/kWh

Standing charge

27.22p/day

Prices include VAT.

1 Year Smooth Renew v18

1_YEAR_SMOOTH_RENEW_V18_RENEWAL

£284.21 per month

£3,410.55 per year

I'm not sure what the breakdown is on the fix, but it's expensive by today's prices!

I'm hoping someone's got a read on the situation to suggest which is the lesser of the evils, going to SVR (could be expensive in the future)  or taking an expensive fix (expensive now).

victor2

What fixes there were that could have been worth considering have already been replaced by more expensive versions. By the end of August we should know what October's new cap will be, so you'll be more able to compare tariffs. Nobody has a crystal ball to accurately forecast what will happen, but all we're seeing is depressing news from the bodies that do monitor wholesale prices.

Get your annual kWh usage for each utility and be prepared to plug them into a comparison site to get an idea what your costs might be.

As others have said, enjoy the tariff you're now on. Nothing is going to be good, but the SVR might not turn out to be that terrible.

ChrisMrT

Thank you for replying victor2

[Deleted User]

To the OP,  I am on a similar tariff (with rates very close to yours) albeit with Eon Next with a 1 year fix ending on 1st October so I've got just over 2 months to go before deciding what to do.  Perhaps Eon Next might offer me a 'customer-only' fix in the run up to 1st October, but I somehow doubt it will be enough for me to take a new fix.  I am fully expecting that going on to the SVT rates will be my 'new fix for 3 months' before I'll need to decide what happens in January.  Even the last numbers (a 50% hike in October cap) I put into my spreadsheet in June are now looking unfortunately too low so I shall see what Ofgem announce for the October cap when that is announced (sometime in August).  Having missed the October 21 and April 22 cap rises like yourself plus even worse forecasts to come, time to prepare for really substantial increases in what most of us will be paying very soon.  Also you should have accurate usage figures for the past 12 months, so work out what you would be paying for the next year at the same usage and plan accordingly to cut down on energy usage if at all possible.