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

leafygirl

I've just done a one year fix with EON Next for £1958.66.  I'm only on Economy 7 though so don't know if this makes a difference?

Mstty

leafygirl said:

I've just done a one year fix with EON Next for £1958.66.  I'm only on Economy 7 though so don't know if this makes a difference?

New advice here from Martin Lewis. Eon Next are one of only 3 companies offering October price cap beating rates

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

pochase

leafygirl said:

I've just done a one year fix with EON Next for £1958.66.  I'm only on Economy 7 though so don't know if this makes a difference?

E7 is even more complicated to compare than single rate. You will need to compare current SVT cost and new fixed tariff based on your day and night usage. If you give the current and new rates and your day and night usage for the last 12 month somebody will look at it.

zorrodp

I'm on a two year dual fixed rate deal with Coop/Octopus that ends July 31st 2022.

1  The current deal is:

Co-op Fixed For Longest July 22 - Unrestricted

Electricity

Unit Rate 16.13p/kWh
Standing Charge 23.63p/day (£86/year)

Estimated Annual Usage 1340.9 kWh

Co-op Fixed For Longest July 22 - Gas

Unit Rate 3.71p/kWh
Standing Charge 23.63p/day (£86/year)

Estimated Annual Usage* 2703 kWh

That equates on the last statement based on meter readings in mid-May to a recent monthly cost of around £48.00 incl VAT.

The monthly direct debit (DD) is £50.54.

The current estimated annual cost based on the usage is approximately £500.00 incl VAT.

2  The offered renewal options from the end of July, which have been emailed to MSE ....

2.1  CO-OP LOYAL 12M FIXED (no exit fees)

Electricity

Unit Rate 31.88p/kWh
Standing Charge 41.40p/day (£151/year)

Gas
Unit Rate 27.22p/kWh
Standing Charge 11.59/day (£42/year)

The estimated monthly cost is £88.37, equal to £1061 annually, which will be around 100% more than the current annual estimate ....

There is also the standard variable rate:

2.2  CO-OP FLEXIBLE

The estimated monthly cost is £66.72.

But that is only for three months until the next cap kicks in come October, when all the signs are another biggish hike of 51%.

That does represent a saving of around £50 over the initial first three months v. the fixed rate ... but at something like a cost of at least £1000.00 for the next nine months that can be anticipated - and that assumes that usage doesn't increase the next few months or beyond because of a colder winter, or factor in any further increases in the cap.

The CO-OP FLEXIBLE rates offered:

Electricity
-----------
Daily charge: 31.88 p/day
Unit rate: 29.63 p/kWh

Gas
---
Daily charge: 27.22 p/day
Unit rate: 7.51 p/kWh

3  It will always be painful even for a small 1 bed flat, with rent having been hiked only two months ago, and other costs up ....

All things being equal (and of course they seldom are) the fix offer is likely to be around £140 less than the flexible rate over 12 months, and with there being no exit penalties should there be any attractive switching options, either with Co-op Energy or to other suppliers, those can be considered.

PS For possible historical interest: I had been on a number of previous fixed rate deals with Co-op Energy/Octopus that were quite acceptable, and over the ten years, the Co-op Energy offer, going back to at least 2012/13 when I switched, has been reasonably competitive.

The two standing charges in 2012 were both £60, and unit rates 10.22p per/kWh (electricity) and 3.29p (gas), and the monthly DD £39.00.

jhuk510

Hi - new to this forum, seeking some advice

I'm on a fixed tariff from before all this started with Eon, due to end on 22/08/2022. We're currently paying £65/month, if we were on the April price cap then we'd be on £116 a month (£1392/year) due to our usage. 

I'm in two minds as to whether it's worth ending my fix early to switch to the Next Online v15 tariff, which by rough calculations would put me up to £150 a month. It's the price certainty which I'm concerned with here, as who knows whether fixes available in August when our tariff ends will be more expensive than those now. In order to mitigate against the October/January price caps, I'm unsure whether to come out of my fix now (no exit fees) or hold out to August on the cheaper tariff?

It's a difficult situation, so I'd appreciate people's thoughts! 

si_74

jhuk510 said:

Hi - new to this forum, seeking some advice

I'm on a fixed tariff from before all this started with Eon, due to end on 22/08/2022. We're currently paying £65/month, if we were on the April price cap then we'd be on £116 a month (£1392/year) due to our usage. 

I'm in two minds as to whether it's worth ending my fix early to switch to the Next Online v15 tariff, which by rough calculations would put me up to £150 a month. It's the price certainty which I'm concerned with here, as who knows whether fixes available in August when our tariff ends will be more expensive than those now. In order to mitigate against the October/January price caps, I'm unsure whether to come out of my fix now (no exit fees) or hold out to August on the cheaper tariff?

It's a difficult situation, so I'd appreciate people's thoughts! 

So difficult to say with any certainty. My assumption is that the fixed deals available on the market will get less attractive the closer to the October price cap we get. It may depend a little bit on where the price cap actually ends up and I think that this is announced in August. The increase in the prediction of the cap announced this week seems to have sent a little tremor through the energy suppliers in terms of what they are offering and how long for.

Joliv1202

EOn Next 1 year fixed (Next Online v15) is working out at 44% higher than the standard variable rate at the moment. unit charges are 28.46 p/kWh electric and 7.48p/kWh gas.
standing charges are not changed being at 43.39p and 27.22p for electric and gas respectively per day.
unit rates for the Next Online v15 are 42.76 p /kWh electric and 10.93p/kWh gas.
They do another tarrif (Next 1 year v12) which has the same standing charges but unit charges are higher still at 45.76 electric and 11.66 gas.

pochase

@zorrodp

2.1  CO-OP LOYAL 12M FIXED (no exit fees)

Electricity

Unit Rate 31.88p/kWh
Standing Charge 41.40p/day (£151/year)

Gas
Unit Rate 27.22p/kWh
Standing Charge 11.59/day (£42/year)

If the above rate for electricity is true it would be brilliant, but at least gas you have mixed up unit rate and standing charge. I assume that is the case also for electricity?

If that is the case for me the fixed rate would be to high, there is just a p to save against high predictions, take the 2 months you are paying more and prices potentially coming down next year and there is no savings left.

No advice, just my personal opinion.

Ladywild68

I’m with Shell and last week there was a fix they were offering, after the ML Cornwall insights I went on the app today to take up the fixed offer and it’s gone, just a message saying we have no other tariffs available, it wasn’t a great deal I admit but I’m guessing now there will be an even worse one offered after the insights 

pochase

A few offers have been withdrawn immediately after the new predicted increases were published.

I agree that the chance of good offers gets less with each new prediction and the nearer we get to October.

If you see a offer that you consider it might be an idea to take it and make your decision during the cooling off phase if you really want it. Just check that your supplier offer cooling off if you stick with the same supplier.