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

Welly08

Could someone offer any advice on my British Gas offer please?
I need to decide by Friday and I just don’t know.
 Moved in last July, 2 bed, just me and was put on fix
Year-£445.69

Gas: £166.68

Standing charge:  26.598p per day

Unit rate: 3.328p per kWh

Electricity: £279.01

Standing charge:  24.023p per day

Unit rate:  19.001p per kWh Now, been offered a loyalty fix of £839.83

Gas: £323.65

Standing charge:  24.206p per day

Unit rate: 11.248p per kWh

Electricity: £516.18

Standing charge:  32.165p per day

Unit rate:  39.601p per kWh Or I don’t fix £685.79 Gas: £252.96 Standing charge:  27.220p per day Unit rate: 7.344p per kWh Electricity: £432.83 Standing charge:  37.918p per day Unit rate:  29.240p per kWh They state these are all based on  Estimated annual cost based on your 2092kWh gas usage and 1007kWh electricity usage per year although I’m unsure these figures are correct, they seem to be out by 30 ish kwh. Any thoughts/advice?

Si1969

Hi!

Good at maths, but cannot work out how the hell you start to calculate usage, current rates, tariffs vs expected increases.

I'm a British Gas customer and I'm being offered the following:




My current tariffs are:

 

Anyone got any advice on what to do, to either calculate what the increase is? 



Also, dumb question, but if I get a new tariff for example 1st July 2022, I'll be paying the increased rates from that date too. So the earlier I change, the more I currently overpay above the variable market rates? Therefore the risk is that the deals aren't around nearer to the predicted October increases?

Thanks to anyone who has the capacity and patience to help!

Keith_F

Octopus Energy Loyalty Fix.
This has been on offer for some time.
Its around 45% more expensive than current cap, but offers good security and no exit fee if rates go down.
could get pulled at any time.

Keith_F

Mstty said:

emmaisawinner said:

Currently with Octopus on variable tariff:
Flexible Avro
Electricity 28.01p/kWh 41.98p per day
Gas 7.34p/kWh 27.22p per day
£1824 annual cost

Being offered a fix for existing customers:
Loyal Octopus 12M Fixed
Electricity 40.06p/kWh 41.98p per day
Gas 11.31p/kWh 27.22p per day
£2583 annual cost 
No early exit fee 

If I’ve worked it out right annual cost wise looks like 42% increase, Electricity 43% up & standing charge same, Gas 53% up & standing charge same.

Can anyone offer advice or opinions to help me decide whether to stay variable or fix?

Hi, you might want to consider these options 

https://forums.moneysavingexpert.com/discussion/6367767/are-octopus-the-only-energy-company-left-with-a-decent-fix/p1

I’m taking up this Octopus 🐙 offer and have advised family members to do the same.
My reasons?
1. Market prices for gas are still close to the peak, the October cap could still rise further. Unless things change, there is a risk of further increases with later cap decisions.
2. July, august and September are the lowest usage months for both gas and electricity. I’m going to pay very little in cash terms due to the higher price over this period, especially as the standing charge is the same as my current capped deal.
3. There is no exit penalty, if prices unexpectedly drop a lot early next year, I can escape.
4. I can see this deal being pulled way before October and replaced with one significantly higher.

uccalms

I've been offer this "Exclusive Jul 23v3" deal from British Gas and think I'll bite the bullet and take this for now for a year, even though it is expected to be approx 1K more than what I currently pay... The next one they offer me online, August v1, is even more expensive, so I think the July version will be pulled by end of this month. 

Mr_Robot_Elliot

Any help/thoughts please?
British Gas - ELECTRICITY

My Standard Variable ends 31/07/22.
UR = 29.1 SC = 50.5
Annual Use = 3393. 
Annual Cost =£1171

This will continue if I do nothing

BG offering me July v1
UR = 39.4 SC = 44.7
Annual Use = 3393. 
Annual Cost =£1502

Increase of 28/1%

Do I pay higher for 3 months now and then?

pochase

All unit rates under 40p start to look good now. 28% increase is good.

Yes, you will pay the higher rate from the day you start the new tariff.

Mstty

Keith_F said:

Mstty said:

emmaisawinner said:

Currently with Octopus on variable tariff:
Flexible Avro
Electricity 28.01p/kWh 41.98p per day
Gas 7.34p/kWh 27.22p per day
£1824 annual cost

Being offered a fix for existing customers:
Loyal Octopus 12M Fixed
Electricity 40.06p/kWh 41.98p per day
Gas 11.31p/kWh 27.22p per day
£2583 annual cost 
No early exit fee 

If I’ve worked it out right annual cost wise looks like 42% increase, Electricity 43% up & standing charge same, Gas 53% up & standing charge same.

Can anyone offer advice or opinions to help me decide whether to stay variable or fix?

Hi, you might want to consider these options 

https://forums.moneysavingexpert.com/discussion/6367767/are-octopus-the-only-energy-company-left-with-a-decent-fix/p1

I’m taking up this Octopus 🐙 offer and have advised family members to do the same.
My reasons?
1. Market prices for gas are still close to the peak, the October cap could still rise further. Unless things change, there is a risk of further increases with later cap decisions.
2. July, august and September are the lowest usage months for both gas and electricity. I’m going to pay very little in cash terms due to the higher price over this period, especially as the standing charge is the same as my current capped deal.
3. There is no exit penalty, if prices unexpectedly drop a lot early next year, I can escape.
4. I can see this deal being pulled way before October and replaced with one significantly higher.

Obviously you didn't read that post as you could fix the ceiling price of electricity to 35p kWh (you wouldn't pay more but could pay less) Same for gas the ceiling price would be 11p kWh and you could pay less.

No exit fees either

Haddenham35

My 'People's Energy' tariff with BG ends in a couple of days. Had been offered the Jun v1 fix this time last week, but looks like I've missed out and am now only eligible for the Aug v2 fixed rate.

Elec:

Standard unit rate

43.109p / kWh

Standing charge

28.055p / day*

Gas:

Standard unit rate

12.590p / kWh

Standing charge

25.576p / day*

or my option is to gamble and go with the variable for the time being. Feel a bit sick thinking about it as no idea what the right answer is.

si_74

Haddenham35 said:

My 'People's Energy' tariff with BG ends in a couple of days. Had been offered the Jun v1 fix this time last week, but looks like I've missed out and am now only eligible for the Aug v2 fixed rate.

Elec:

Standard unit rate

43.109p / kWh

Standing charge

28.055p / day*

Gas:

Standard unit rate

12.590p / kWh

Standing charge

25.576p / day*

or my option is to gamble and go with the variable for the time being. Feel a bit sick thinking about it as no idea what the right answer is.

TBH I think anyone that is looking at energy prices now and working out what to do is already ahead of a lot (if not most people), yes it's depressing and worrying but at least you know and accept what is coming and can make plans for it. 

So many people are going to get caught out by this when their account goes into significant debt after October. I even tried to explain it to my mum who was adamant that she was doing ok with being in a few pounds credit in summer. She still doesn't get it, but I have at least persuaded her to start setting some money aside now for the winter bills so I've partially removed her head from the sand. She will not pay it to the energy company though!