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

TomT_2

Hi,
Currently with EDF on the SVR

Electricity unit rate: 28.02p per kWh
Daily standing charge: 42.25p per day

Gas unit rate: 7.343p per kWh
Daily standing charge: 27.22p per day

Which costs around £225 per month, they've offered the 'Fix Total Service Long-Term'.

Unit rates.
Electricity 34.89p
Gas 9.737p

Daily standing charges

Electricity standing charge: 42.25 pence per day

Gas standing charge: 27.22 pence per day

Estimated cost £289 per month

Early exit fees are £300 per fuel.

Is it worth doing?

Thanks

AjSaunders

I can comment on your situation, but after some back and forth sums, I am accepting the EDF May 24v4 fix....which for me equates to a 25% rise on elec and 31% rise on gas on current SVR. My existing deal ends on Jun 30 also.
I am pretty sure the exit fees are £150 per fuel, so £300 total

Lisajp

Lisajp said:

I’m currently, with EDF my fixed tariff ends on 30th June, I currently pay £104 a month for Gas and Electricity.
Email today I have a credit refund of £125.76, and they are increasing my monthly payments to £212 a month based on standard variable.
However, they are also offering an existing customer renewal deal “full service tariff” fixed until May 24 at £254 a month 🤔 anyone good at working out if this is a worthwhile consideration please? 

It’s so difficult to know whether to fix or go with SVR….I’m concerned if I don’t fix, I risk another big price hike in October, as it is my monthly payments have more than doubled already! 😟

Handygal

dazzapb said: 

Hi I’m in the same boat. Using more 12000 gas and 6000 electricity. I used the rates here to project on the average usage of 2900 electricity and 12000 gas - approx 2500 which is approx 21% more than April’s capped rates. (My maths could be wrong) 

Kinda tempted as it means with summer and less usage the higher rates won’t be as bad until winter. Are you going for it? 

I chose to fix until May 2023, given the prospect of another increase in October.

stuarta99

Lisajp said:

I’m currently, with EDF my fixed tariff ends on 30th June, I currently pay £104 a month for Gas and Electricity.
Email today I have a credit refund of £125.76, and they are increasing my monthly payments to £212 a month based on standard variable.
However, they are also offering an existing customer renewal deal “full service tariff” fixed until May 24 at £254 a month 🤔 anyone good at working out if this is a worthwhile consideration please? 

That's the same as myself and a few others although slightly higher usage and for me that fix does work out 24% more than the cap but obviously now the lovely people at Ofgem are saying 42% in October. 

I worked it out above on my figures,

June to Jan 23
Stick with the SVR with the current price and Oct predicted = £1110
Moving to the fix for the same period would be slightly more at £1169
(SVR just wins)

However if we assume that Jan is going to say the same and not drop until April

June to April 23
SVR = £1680 
Fix = £1670 
(Fix just wins) It then depends on what happens in April 23.  It is 2 years though with £300 exit fee

I've just made an example of it dropping back down in April 23 to the current price fix and it would be £2085 on SVR and £2171 fix so SVR again wins but being realistic I wonder what the chances are of it dropping back down to the current price in 12 months time?  Yes I think the government will have to do something and surely it can't rise again, but I'm thinking rather than reducing prices they will just offer benefits

dazzapb

Handygal said:

dazzapb said: 

Hi I’m in the same boat. Using more 12000 gas and 6000 electricity. I used the rates here to project on the average usage of 2900 electricity and 12000 gas - approx 2500 which is approx 21% more than April’s capped rates. (My maths could be wrong) 

Kinda tempted as it means with summer and less usage the higher rates won’t be as bad until winter. Are you going for it? 

I chose to fix until May 2023, given the prospect of another increase in October.

I think that’s wise. I have done too. No exit fee and I think it’s no worse than the SVR if the price cap forecast is correct. Also smooths out with lower summer usage as we have to pay the higher rates immediately. 

stuarta99

dazzapb said:

Handygal said:

dazzapb said: 

Hi I’m in the same boat. Using more 12000 gas and 6000 electricity. I used the rates here to project on the average usage of 2900 electricity and 12000 gas - approx 2500 which is approx 21% more than April’s capped rates. (My maths could be wrong) 

Kinda tempted as it means with summer and less usage the higher rates won’t be as bad until winter. Are you going for it? 

I chose to fix until May 2023, given the prospect of another increase in October.

I think that’s wise. I have done too. No exit fee and I think it’s no worse than the SVR if the price cap forecast is correct. Also smooths out with lower summer usage as we have to pay the higher rates immediately. 

Nice to have no exit fee

Mstty

I think what people now have to do is be comfortable with the fix they make now and then seriously look at energy saving and how they run their winter house heating and appliances. That way it won't be such a big blow.

Hayleyhawkins91

We have been offered from British Gas - Fixed May 23v2
Which is a fix until 31st May 2023

Gas rates
Daily standing charge - 31.329p
Unit rate - 10.628p per kWh

Electricity rates
Daily standing charge - 54.999p
Unit rate - 35.462p per kWh

Exit fees are £75 per fuel

tmeasor

MSE_JC said:

With wholesale gas prices at their lowest level since November 2021, we want to know what fixed energy deals you're being offered by your current provider. 

There are very few fixed deals available to new customers on the market, and those that are tend to be pricey. Yet sometimes we do hear of short-lived 'existing customer only' deals from certain firms that can be competitive. These deals aren't available on comparison sites, making them hard to keep track of.

Is there a good one out there that fellow MoneySavers might be missing out on?

Let us know the name of the tariff and the name of the supplier. 

We have been offered May23 tariff by BG - My workings below but I get over 40% increase for gas and circa 25% for electricity..unless I have calculated this incorrectly? Based on the below I think I should stick to variable...?

Gas	Current	Fixed	Increase	Increase %
Standing charge	27.22	38.881	11.661	43%
Unit rate	7.319	10.377	3.058	42%
Electricity	Current	Fixed	Increase	Increase %
Standing charge	41.66	54.131	12.471	30%
Unit rate	29.484	35.885	6.401	22%