What rates are you being offered by your provider at the moment?

SteveCooper

Last projections for price cap changes that I have seen 

1AA1

Hello

Based in North London only use electricity, currently on standard variable. Received the following from British Gas 

Price protection V4                              Current Standard variable

20.11  per day                                      37.918 per day
67.068 per  kWh                                   29.24  per day

The way I calculated the price difference is 89.62%. Fixed for 1yr £100 exit fee. Not sure whether to wait  or accept

sungold66

Our current tariff with EON Next ends on Oct 6th and we've been offered one new tariff that looks good, quoted at £196 per month/£2359 year (about double what we're paying now),  but its flexible which is very scary and I guess could go up to anything.

Daily standing charge	43.39p	27.22p
Unit rate	28.46p per kWh	7.48p per kWh
Assumed annual usage	5,616kWh	6,730kWh

The second offer is Next Onlinev19 which will be 3 times what we're paying now £390 month,/ £4680 year  but its fixed

Daily standing charge	43.39p	27.22p
Unit rate	60.51p per kWh	15.23p per kWh
Assumed annual usage	5,616kWh	6,730kWh

Im really torn between the cheaper but very risky flexible one or the the fixed but basically unaffordable one. What if we go for the higher fixed tariff and then the prices go up less that expected. Is there any way of knowing how much rates are likely to increase by or what the most they can go up is before 0ct 1st.?

Any suggestions would be much appreciated

francescarg

Based in south London, my fix with Sainsbury’s Energy due to expire early October. They’ve offered me a fix which is 89% above - v tempted to accept. (£222 per month compared to 117 p/m on variable, compared to the 84 I pay a month now until Oct)

My main question is will the fixes on offer be likely to rise or decrease after Friday when price cap is announced?? Not sure whether to wait to renew 

Fix offer is: 
Gas - 

Unit rate	15.2649p per kWh
Standing charge	27.22p per day

Electricity - 

Unit rate	61.6917p per kWh
Standing charge	32.14p

Metalingus84

sungold66 said:

Our current tariff with EON Next ends on Oct 6th and we've been offered one new tariff that looks good, quoted at £196 per month/£2359 year (about double what we're paying now),  but its flexible which is very scary and I guess could go up to anything.

Daily standing charge	43.39p	27.22p
Unit rate	28.46p per kWh	7.48p per kWh
Assumed annual usage	5,616kWh	6,730kWh

The second offer is Next Onlinev19 which will be 3 times what we're paying now £390 month,/ £4680 year  but its fixed

Daily standing charge	43.39p	27.22p
Unit rate	60.51p per kWh	15.23p per kWh
Assumed annual usage	5,616kWh	6,730kWh

Im really torn between the cheaper but very risky flexible one or the the fixed but basically unaffordable one. What if we go for the higher fixed tariff and then the prices go up less that expected. Is there any way of knowing how much rates are likely to increase by or what the most they can go up is before 0ct 1st.?

Any suggestions would be much appreciated

We had this email today. My understanding is the variable one would likely change in October anyway and shoot up to similar to the fixed they are offering. 
Me and the wife and have sat down and worked out lots of figures. 
Online suggests our avg bill on a variable rate would be £4 cheaper each month than the fixed from October. 
We are tempted to lock in the fixed deal due to expected rises next year.

My only concern is if the Government decide to do anything with locking in the price cap for earlier this year once the leadership contest ends. But, at least its £0 exit fees so I guess it won't matter. I know Martin Lewis on the blog thinks thos is unlikely tho.

pochase

SteveCooper said:

Last projections for price cap changes that I have seen 

That are old predictions, their newest ones from 9th of August are

pochase

francescarg said:

Based in south London, my fix with Sainsbury’s Energy due to expire early October. They’ve offered me a fix which is 89% above - v tempted to accept. (£222 per month compared to 117 p/m on variable, compared to the 84 I pay a month now until Oct)

My main question is will the fixes on offer be likely to rise or decrease after Friday when price cap is announced?? Not sure whether to wait to renew 

Fix offer is: 
Gas - 

Unit rate	15.2649p per kWh
Standing charge	27.22p per day

Electricity - 

Unit rate	61.6917p per kWh
Standing charge	32.14p

Welcome to the forum.

If you consider to take the tariff do it now. You have a cool off period, so you can wait for the cap announcement and what happens to offers, and either cancel or keep it.

francescarg

pochase said:

francescarg said:

Based in south London, my fix with Sainsbury’s Energy due to expire early October. They’ve offered me a fix which is 89% above - v tempted to accept. (£222 per month compared to 117 p/m on variable, compared to the 84 I pay a month now until Oct)

My main question is will the fixes on offer be likely to rise or decrease after Friday when price cap is announced?? Not sure whether to wait to renew 

Fix offer is: 
Gas - 

Unit rate	15.2649p per kWh
Standing charge	27.22p per day

Electricity - 

Unit rate	61.6917p per kWh
Standing charge	32.14p

Welcome to the forum.

If you consider to take the tariff do it now. You have a cool off period, so you can wait for the cap announcement and what happens to offers, and either cancel or keep it.

Thanks - that’s super helpful, I will do this 

Marchesi007

Cornwall Insight have just released their final predictions for the Oct-Dec 2022 price cap figures.

A typical household will pay £3,554 p.a. from October. For the first time, they have also released their predictions of standing charges and unit costs; S/C Electricity 46p per day, Gas 28p per day. Unit costs; Elec 52.09p, Gas 14.76p

This may help in considering whether a fix offers value or not although costs are likely to rise again in 2023 as their article outlines.

pearl123

pochase said:

Worst case scenario is that you pay a fixed rate of 55p for electricity and 16p for gas for the next 12 month, with the chance of paying less if the market price is cheaper for the day, or in case of Agile, it also depends on the time of day.

I thought there was some questions, as to whether these prices were fixed or not?