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

Keith_F

Mstty said:

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

You are quite right, I didn’t read it carefully enough.
Thanks for your comments, I’ve now switched again, to Agile and have emailed them to switch gas to tracker v3.
You have saved me some considerable pennies, you are a good person.
many thanks
Keith.

Mstty

Keith_F said:

Mstty said:

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

You are quite right, I didn’t read it carefully enough.
Thanks for your comments, I’ve now switched again, to Agile and have emailed them to switch gas to tracker v3.
You have saved me some considerable pennies, you are a good person.
many thanks
Keith.

Superb, that's made my day👍

BTDXBIGTOMMYD

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. 

Here’s the mad one I have. I got moved from Bristol Energy at the start of the year to British Gas. Now no issues here and the put me on the “switch over tariff”. However trying to balance up the cost of paying flexi - vs - fixed is not simple. 

For reference my latest bill on the flexi was £95. However when I looked at the fixed tariff they are offering £210 a month (this is dual gas/ele mind). 

In my case doing the math I am unsure even with the predictions if a fixed rate will actually save me money VS lining the energy company profits. 

MumofGizmo

Hello all,

Sorry another person with a BG offer question. I was also offered Fixed Aug 23v2, I ran the figures in a spreadsheet and worked it out as a 44% increase and decided to take it yesterday. I've been trying to help friends with EDF and e.on and their rates are so much better, I feel completely screwed over by BG!

Can I have opinions please or tell me if I've got the maths wrong somewhere  

Standard Variable					Nov-23
Electricity					Electricity
kwh	2912	0.2924	851.4688		kwh	2912	0.43109	1255.33408
standing charge	365	0.37918	138.4007		sc	365	0.28055	102.40075
			989.8695					1357.73483
Gas					Gas
kwh	5846	0.07344	429.33024		kwh	5846	0.1259	736.0114
standing charge	365	0.2722	99.353		sc	365	0.25576	93.3524
			528.68324					829.3638
		Yearly	1518.55274				Yearly	2187.09863
		Per month	126.5460617				Per month	182.2582192

pochase

BTDXBIGTOMMYD said:

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. 

Here’s the mad one I have. I got moved from Bristol Energy at the start of the year to British Gas. Now no issues here and the put me on the “switch over tariff”. However trying to balance up the cost of paying flexi - vs - fixed is not simple. 

For reference my latest bill on the flexi was £95. However when I looked at the fixed tariff they are offering £210 a month (this is dual gas/ele mind). 

In my case doing the math I am unsure even with the predictions if a fixed rate will actually save me money VS lining the energy company profits. 

Without details of usage and rates we can't really tell you much. You are comparing here a bill in summer with a fixed direct debit amount.

pochase

MumofGizmo said:

Hello all,

Sorry another person with a BG offer question. I was also offered Fixed Aug 23v2, I ran the figures in a spreadsheet and worked it out as a 44% increase and decided to take it yesterday. I've been trying to help friends with EDF and e.on and their rates are so much better, I feel completely screwed over by BG!

Can I have opinions please or tell me if I've got the maths wrong somewhere  

Standard Variable					Nov-23
Electricity					Electricity
kwh	2912	0.2924	851.4688		kwh	2912	0.43109	1255.33408
standing charge	365	0.37918	138.4007		sc	365	0.28055	102.40075
			989.8695					1357.73483
Gas					Gas
kwh	5846	0.07344	429.33024		kwh	5846	0.1259	736.0114
standing charge	365	0.2722	99.353		sc	365	0.25576	93.3524
			528.68324					829.3638
		Yearly	1518.55274				Yearly	2187.09863
		Per month	126.5460617				Per month	182.2582192

The way you did your calculations looks is correct. I only checked the first formula, if you get one right the others will also be fine. Percentage calculation of 44% is also correct. You are good to go to help friends and family with your spreadsheet.

The tariff itself is very much on the high side, at the current predicted increase and the extra you pay until October  you won't be able to save money, but you are protected if it get's even worse than we currently think.

Marchesi007

Hi everyone. I'm new to the forum but have been following MSE for many years.

I only have electricity at our farmhouse in Cornwall but installed Air Source Heat Pumps when we renovated it in 2019. Managed to get some good deals from Green and Neon Reef but am now with British Gas following the failure of Neon Reef last year. I'm on the "Welcome to British Gas" tariff which is effectively the SVT; 28.408p per kWh and 51.626p per day SC.

I've been offered the "Loyalty Jul23v1" tariff which is 38.77p per kWh and 45.873p SC. I think I'm going to take it as the SVT will probably be higher in October and may be higher again next January. I will pay more in August & September but we have solar panels so our usage is less in the Summer.

There is also a "Fixed Aug23v2" which is 42.278p per kWh and 41.763p SC. I think both are only available to existing customers and have £100 exit fees but they do provide some certainty and are probably cheaper than the "price cap" will be soon!

Mark

si_74

Marchesi007 said:

Hi everyone. I'm new to the forum but have been following MSE for many years.

I only have electricity at our farmhouse in Cornwall but installed Air Source Heat Pumps when we renovated it in 2019. Managed to get some good deals from Green and Neon Reef but am now with British Gas following the failure of Neon Reef last year. I'm on the "Welcome to British Gas" tariff which is effectively the SVT; 28.408p per kWh and 51.626p per day SC.

I've been offered the "Loyalty Jul23v1" tariff which is 38.77p per kWh and 45.873p SC. I think I'm going to take it as the SVT will probably be higher in October and may be higher again next January. I will pay more in August & September but we have solar panels so our usage is less in the Summer.

There is also a "Fixed Aug23v2" which is 42.278p per kWh and 41.763p SC. I think both are only available to existing customers and have £100 exit fees but they do provide some certainty and are probably cheaper than the "price cap" will be soon!

Mark

Looking at what is about at the minute the Jul23v1 deal looks decent. 

nrmsmith

EDF now offering me 13.246p / KWH for a 2yr fixed rate, currently on 7.2p on SVT

I think I’ll pass!

Cloth_of_Gold

Hi, I would appreciate some advice please.

Our fixed deal with Scottish Power ended yesterday and we have been offered a new 1 or 2 year fixed deal. We haven't done anything about it yet and so from today are on the standard tariff. Our usage for the 12 months ending May 2022, according to Scottish Power, was 7989KWH. It is likely to be less in the coming year as we are now being more careful about our energy usage, but I can't see it being hugely less.

The one year deal they have offered (Green Flexi August 2023 M1) has a standing charge of 32.14p per day and a unit cost of 45.692p/KWH. The standard rate currently has the same standing charge but the unit rate is only 29.632p/KWH.   About a month ago they reminded us that our then fixed rate was due to end and we looked at what was on offer but obviously didn't switch then. The standard rate was the same then as it is today though. I would have to check but, from memory, on our previous deal we were paying something like 18 or 19p per unit, so this would represent an increase of about 150%, which seems excessive, from the figures I hear on the news. In the last 12 months we paid something like £1500 for our electricity and they are forecasting with the fixed deal around £3800! We don't have any gas appliances at the moment.

My question is, Should we move to the 1 year fixed (or the slightly more expensive two year fixed) tariff or stay with the standard tariff, as it is so much cheaper. I realise that it could, and probably will, go up, but is it likely to go above what is being offered on these fixed price deals? I just wonder if we're being encouraged to go onto something that will not be to our advantage or whether, in fact, the standard tariff will rocket soon, by which time these deals will have been replaced by something even more expensive and we will rue not taking what's on offer now.