Fixed rates for existing customers - what's on offer?

StanBowles11

My supplier, British Gas, is currently offering a fix until end of April 2023. Rates are 32.972p per Kwh / standing charge 50.23p for electricity (sorry I don't have gas so don't know the gas tariff). This compares with BG's post-Apr 1 price cap rates of 27.627p/44.7p here in the East Mids. What are other suppliers offering? It would be interesting to see who is offering the best customer deals.

I have decided to switch. The fix is 18.5% above the new price cap so I will be worse off until October but, depending on how far the Oct price cap pushes prices up, I might be better off over the 13 month period of the fix. I use more electricity in the winter so, if the Oct prices rise by 33% or more I will be better off. It's a gamble of course but at least I know where I stand for the next 13 months. The exit fee is a nasty £75 so exiting is not an option. But I do have a 14 day cooling off period to change my mind. So I'd welcome people's thoughts and also welcome any information about what other suppliers are offering their customers.

Mstty

As your usage should be lower in the summer months this does seem to be a logical choice.

The expectation is a 30% rise in energy prices in October so if you know your usage from Oct 2022-Apr 2023 you can work out your potential savings taking this fixed deal

We are with EON Next we fixed in March on their v18 2 year deal which came into effect yesterday. Basically fixed with the current price cap rates but slightly higher standing charges but no exit fees. 

There have been unconfirmed rumours if you are an existing EON Next customer and call them direct they may still honour their March 1 year V12 and 2 year V18 fixed rate deals but this required confirming.

Ultrasonic

Just to check - is a single rate electricity tariff definitely right for you? Commonly electricity-only homes use night-storage heaters in combination with an Economy 7 tariff.

StanBowles11

Thanks. I wasn't posting to find out if single rate electricity is right for me. Anyone with knowledge of what fixes suppliers are offering existing customers?  As you asked, though, it very much is. I think I last had storage heaters twelve years ago in a previous house. Energy efficiency upgrades and an air source heat pump drastically slashed and made for very affordable heating costs in that house. Now I have just finished building a passivhaus with a very low space heat requirement with, again a heat pump for hot water and the small amount of space heating needed. Unfortunately most UK housing stock remains far off the energy efficiency standard needed for heat pumps.

Ultrasonic

StanBowles11 said:

Thanks. I wasn't posting to find out if single rate electricity is right for me. 

I appreciated that but often questions not asked are still worth answering  . Good to see you're well sorted.

As an answer of sorts to your initial question, I was with Shell until a couple of weeks ago and they were offering no fixed tariffs at all, to existing or new customers.

[Deleted User]

Edf have two long term tariffs only for current customers till April 2004, exit fees £150 and £100. Both are very expensive compared to the standard rate which I have just been put on. @ £137 and £129 a month. I personally wouldnt entertain a fixed tariff at this time because no one knows how the prices are going change over the coming months, I do not want to be tied in one with those exit fees if the price does come down.

Day rate: 47.52p

Night rate: 20.24p

Standing charge 365 days at 41.75p
---------------------

Day rate: 42.06p

Night rate: 19.40p

Standard charge. 365 days at 41.75p
-------------------------
The standard rate Im on

 day rate: 37.20p

night rate: 14.14p

Standing charge 41.75p per day

 

StanBowles11

Thanks Deleted_User. They are punitive exit fees and the rates are very high as well.  Don't blame you for not fixing on those.  Anyone got any other current existing customer fix examples?

vintner55

Just for interest we fixed our electricity with EON Next on the 2 year V18 then cheekily asked if we could transfer our Gas to them on the same tariff and they agreed. Gas switched from EDF to EON Next on 22nd March onto the SV rate then the 2 year fixes on both kicked in on the 1st April.

StanBowles11

vintner55 said:

Just for interest we fixed our electricity with EON Next on the 2 year V18 then cheekily asked if we could transfer our Gas to them on the same tariff and they agreed. Gas switched from EDF to EON Next on 22nd March onto the SV rate then the 2 year fixes on both kicked in on the 1st April.

What's the unit rate for electricity on the V18 fix? Is it until April 2024?

vintner55

The unit rate is the same as for the 1 year V12 fix but the standing charge is £50 per year higher and it is fixed until 31 March 2024

northernstar007

just this week i see SP has withdrawn there 2 year deal
a 1 year fixed till may23 exit fees per fuel £150 ouch (wouldnt touch it) is on offer