What to do about Fixed Price Deal ending 30April?

JohnSk

Hi. I can’t see any advice on this one. Can anyone help? .. I have a fixed price dual-fuel deal with Scottish Power (paid by direct debit) which ends on 30April22 so after the 1April changes. I’m currently being offered a one year fix at 4x the price which I won’t take. Will I still be on the price cap when my deal ends? Is there any action I can/should take sooner? Doesn’t seem like it. Any advice appreciated!

victor2

JohnSk said:

Hi. I can’t see any advice on this one. Can anyone help? .. I have a fixed price dual-fuel deal with Scottish Power (paid by direct debit) which ends on 30April22 so after the 1April changes. I’m currently being offered a one year fix at 4x the price which I won’t take. Will I still be on the price cap when my deal ends? Is there any action I can/should take sooner? Doesn’t seem like it. Any advice appreciated!

There's lots of advice here: https://www.moneysavingexpert.com/utilities/cheap-gas-and-electricity/

Basically, all you can do is stay where you are and automatically drop onto the capped standard variable tariff.

Mstty

Don't let your energy supplier sign you up to an expensive fix is generally the right thing to do.

What are your current kWh prices for Electricity and Gas? That way you can roughly work out how much extra you will have to pay in April for a standard variable tariff.

JohnSk

Thanks a lot. And thanks for the link. I thought they were trying it on with the fixes. Waiting did seem like the only option.

Just one further thought .. I read somewhere that it’s possible to be put onto a SVR which isn’t subject to the price cap? Sounds wrong but make any sense?

Mstty, my current rates are ..
Gas per kWh 2.984p
Elec per kWh 19.891p
SC each 15.66p per day

jimjames

JohnSk said:

Just one further thought .. I read somewhere that it’s possible to be put onto a SVR which isn’t subject to the price cap? Sounds wrong but make any sense?

No it doesn't. The SVT has to be no more than the price cap although it could be lower.

JohnSk

Thanks .. reassuring. Made no sense to me either but couldn’t track down where I thought I’d seen it so just had lingering concern. 

jimjames said:

JohnSk said:

Just one further thought .. I read somewhere that it’s possible to be put onto a SVR which isn’t subject to the price cap? Sounds wrong but make any sense?

No it doesn't. The SVT has to be no more than the price cap although it could be lower.

victor2

JohnSk said:

Thanks .. reassuring. Made no sense to me either but couldn’t track down where I thought I’d seen it so just had lingering concern. 

jimjames said:

JohnSk said:

Just one further thought .. I read somewhere that it’s possible to be put onto a SVR which isn’t subject to the price cap? Sounds wrong but make any sense?

No it doesn't. The SVT has to be no more than the price cap although it could be lower.

There are a few "green" energy suppliers whose standard variable tariffs are exempt from Ofgem's price cap. Currently Ecotricity, Good Energy and Green Energy UK, so won't affect you.

Mstty

So these figures are taken from Ofgem for the average figures for the price cap

https://www.ofgem.gov.uk/information-consumers/energy-advice-households/check-if-energy-price-cap-affects-you

So standing rate of elec 45p per day and 27p per day for gas

Electricity kWh 28p
Gas kWh 7p

Regional variations apply but if you know your usage you can use those as a guide to what your direct debit should be in April. 

JohnSk

Perfect. Thanks both.