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

Vkay44

My energy supplier went bust I was transferred to British Gas on the price cap until the tariff runs out end of this month. 

I have recently been offered a 1 year Fixed Loyalty June 23v2 deal from British Gas alongside the option of staying on the variable price cap. I’m in the Yorkshire region. 

The June 23v2 deal offers: 

Gas 

Standing Charge: 29.959p 

Unit Rate: 10.297p 

Electricity 

Standing Charge: 54.007p 

Unit Rate: 33.841p 

Exit Fees £75 until 13th May 2023 

I work this out to be a 30.5% increase on what our current tariff is. I’m already purposely overpaying my direct debit in preparation for October so pay £275 currently in energy per month.

If I do nothing and they transfer me onto British Gas’s variable rate:
£3691.54 per year (£307.62 per month) it will cost an extra £32.62 per month on energy bills. 

If I switch to the Fixed June 23v2 deal: 

£4819.68 per year (£401.64 per month) it will cost an extra £126.64 per month on top of what I already pay. 

I have not had this quarters bill yet, it is due any day and so due to my overpayments, I currently have a credit of £1187.71 which I’m expecting will be eaten up when the bill drops. 

I’m just wondering if it’s best to fix on that new tariff which has been offered from British Gas, taking into considering the £400 help towards energy bills due in October, or just do nothing and be switched automatically on the variable tariff. I have about 15 days to decide so any advice is welcome. Pretty new to this stuff! Thanks. 

Mstty

Vkay44 said:

My energy supplier went bust I was transferred to British Gas on the price cap until the tariff runs out end of this month. 

I have recently been offered a 1 year Fixed Loyalty June 23v2 deal from British Gas alongside the option of staying on the variable price cap. I’m in the Yorkshire region. 

The June 23v2 deal offers: 

Gas 

Standing Charge: 29.959p 

Unit Rate: 10.297p 

Electricity 

Standing Charge: 54.007p 

Unit Rate: 33.841p 

Exit Fees £75 until 13th May 2023 

I work this out to be a 30.5% increase on what our current tariff is. I’m already purposely overpaying my direct debit in preparation for October so pay £275 currently in energy per month.

If I do nothing and they transfer me onto British Gas’s variable rate:
£3691.54 per year (£307.62 per month) it will cost an extra £32.62 per month on energy bills. 

If I switch to the Fixed June 23v2 deal: 

£4819.68 per year (£401.64 per month) it will cost an extra £126.64 per month on top of what I already pay. 

I have not had this quarters bill yet, it is due any day and so due to my overpayments, I currently have a credit of £1187.71 which I’m expecting will be eaten up when the bill drops. 

I’m just wondering if it’s best to fix on that new tariff which has been offered from British Gas, taking into considering the £400 help towards energy bills due in October, or just do nothing and be switched automatically on the variable tariff. I have about 15 days to decide so any advice is welcome. Pretty new to this stuff! Thanks. 

Are you really using nearly twice the amount of energy for a 3 bedroom home and 2-3 people that the energy industry uses as the average consumption?

Probably time to look at reducing energy use unless over £5150 a year come October and the projected 40% increase comes in doesn't concern you?

Good time to start energy reduction if you can👍

richierich75

SJMALBA said:

richierich75 said:

Octopus Energy are offering existing customers a 12 month fixed, but the unit rates aren’t great. 

Electricity  +42%
April 21 Cap 27.09p/kWh 
12m fixed 38.62p/kwh

Standing Charge 0%

April 21 48.65p
12m fixed 48.65p

Gas +54%
April 21 7.22p/kWh
12m fixed 11.15p/kWh

Standing Charge 0%
April 21 27.22p
12m fixed 27.22p

So does fit with the concept of fixing no higher than 25-30% of the April 2021 cap rate. 🙄

Is this the 'Loyal Octopus 12M Fixed April 2022 v1' tariff?

Assume so?

Vkay44

Mstty said:

Vkay44 said:

My energy supplier went bust I was transferred to British Gas on the price cap until the tariff runs out end of this month. 

I have recently been offered a 1 year Fixed Loyalty June 23v2 deal from British Gas alongside the option of staying on the variable price cap. I’m in the Yorkshire region. 

The June 23v2 deal offers: 

Gas 

Standing Charge: 29.959p 

Unit Rate: 10.297p 

Electricity 

Standing Charge: 54.007p 

Unit Rate: 33.841p 

Exit Fees £75 until 13th May 2023 

I work this out to be a 30.5% increase on what our current tariff is. I’m already purposely overpaying my direct debit in preparation for October so pay £275 currently in energy per month.

If I do nothing and they transfer me onto British Gas’s variable rate:
£3691.54 per year (£307.62 per month) it will cost an extra £32.62 per month on energy bills. 

If I switch to the Fixed June 23v2 deal: 

£4819.68 per year (£401.64 per month) it will cost an extra £126.64 per month on top of what I already pay. 

I have not had this quarters bill yet, it is due any day and so due to my overpayments, I currently have a credit of £1187.71 which I’m expecting will be eaten up when the bill drops. 

I’m just wondering if it’s best to fix on that new tariff which has been offered from British Gas, taking into considering the £400 help towards energy bills due in October, or just do nothing and be switched automatically on the variable tariff. I have about 15 days to decide so any advice is welcome. Pretty new to this stuff! Thanks. 

Are you really using nearly twice the amount of energy for a 3 bedroom home and 2-3 people that the energy industry uses as the average consumption?

Probably time to look at reducing energy use unless over £5150 a year come October and the projected 40% increase comes in doesn't concern you?

Good time to start energy reduction if you can👍

It’s a 4 bed home, two adults two young children. Already making efforts to cut energy usage but not always an easy thing. This is why I am overpaying currently to try and prepare for October as of course it’s a massive concern to me! Hence my question on whether it would be best for me to stick or fix in my situation. 

Gromit1234

OVO are offering a one year fixed or a two year fixed at the same rates  should I go for the one year or two year??

Mstty

Gromit1234 said:

OVO are offering a one year fixed or a two year fixed at the same rates  should I go for the one year or two year??

Depends on the price per kWh, your usage and whether you think the price cap will rise 40% or more in October then again more in Jan '23.....as well as a possible.rise or drop Apr '23 and then every 3 months crystal ball time.

bristolleedsfan

Gromit1234 said:

OVO are offering a one year fixed or a two year fixed at the same rates  should I go for the one year or two year??

Are the exit fees on 2 year fix still double the exit fees on 1 year fix ???

Gromit1234

bristolleedsfan said:

Gromit1234 said:

OVO are offering a one year fixed or a two year fixed at the same rates  should I go for the one year or two year??

Are the exit fees on 2 year fix still double the exit fees on 1 year fix ???

£30 per fuel on 1 Year -  £60 per fuel on 2 year

Treezhouse

smeeko said:

Is anyone else having a problem with BG not following through on switching your tariff once instructed?
After reading the forum for guidance I switched on 16th May, email acknowledgement came immediately. Then nothing! 
Went on a BG site and app a few times and it told me I was in process of switching, but still nothing and still showing me I was on People's Energy tariff.
Went back on last week, site allowed me to select again, email came in acknowledging, but a week later still nothing happening.
Trying to get in contact with them is a joke, even the bot line doesn't want to know!
Any one else similarly affected, or managed to force BG to do something?

Hi everyone... My first post here! 

Yes.. I'm in exactly the same position... 

Should we start another thread, or keep this here? Advice please! 
Thanks!
Tree

jonnydub

Hi there, bit of a quandary.. i have watched Martins video.. bit of info. 

My current tariff with EON is NEXT ONLIV3 V6 £834.36 a year. 

This runs out on 22/7/22.

They are moving me to Next flex (capped variable)
Annual cost £1,376.15

But they've also offered A fixed tariff with no exit fees at Annual cost £1,773.94

These are all based on my actual usage.

In theory my electric usage will be lower as last year I had a  traditional 4kw pool heater and this year I have an air source 0.63kw pool heater..

In any case I calculate that the fixed tariff they have offered is around 22.5% higher than the variable (price capped) tariff so following Martins advice I should take the fixed!?

Question is how late do I leave it before I sign up, before my existing tariff ends!? 

Thanks