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

Mike360

These fixed rate deals being offered with unit rates and standing charges and estimated amounts, do the companies not add 5% VAT to them as well or is this included? If the Cornwall Insight predictions includes VAT then it seems trickier to work out if its worth considering a fixed rate deal if these quotes are exclusive of VAT.

Thoughts?

pochase

The quotes you receive from the suppliers should always include VAT. If you check the quote it will say somewhere that the VAT is included.

Cornwall Insights is a bit more of a problem, as they don't mention VAT. But to my knowledge the Ofgem published Cap includes VAT, if Cornwall Insight would not also includes it the prediction would be even 5% higher after you have added the VAT.

pochase

From Ofgem April 2022 explainer

https://www.ofgem.gov.uk/publications/price-cap-increase-ps693-april

4. The price cap protects around 22 million households on default or variable rates on credit meters. The £1,971 per year level of the cap is based on a household with typical consumption on a dual electricity and gas bill paying by direct debit. Customers who pay by standard credit (cash or cheque) pay an additional £130 based on the higher cost for energy companies to serve them. The 22 million households protected by the price cap includes around 4.5 million prepayment meter customers. These customers pay an additional £47 compared to those on direct debit, which also reflects the higher cost for energy companies to serve them. The values shown in the text above include VAT and are expressed for the current Typical Domestic Consumption Values (TDCV) of 2,900kWh of electricity, 12,000kWh of gas, and 4,200kWh of electricity for Economy 7. The price cap is a cap on a unit of gas and electricity, with standing charges taken into account. It is not a cap on customers’ overall energy bills, which will still rise or fall in line with their energy consumption. From 1 April the equivalent per unit level of the price cap to the nearest pence for a typical customer paying by direct debit will be 28p per kWh for electricity customers and 7p per kWh for gas customers

So if Ofgem has VAT included in the cap calculations it is reasonable to assume that this is also the case for Cornwall Insights.

Dog_ncat_lover

12 July 2022.   Ovo - on simpler energy variable for electricity 27.10 p/Kwh 41.32 daily charge

Offered Better Engergy fixed for one year electricity Unit rate 47.64 p/kWh  daily charge 49.91 p/d

To fix or not to fix?

Mstty

Dog_ncat_lover said:

12 July 2022.   Ovo - on simpler energy variable for electricity 27.10 p/Kwh 41.32 daily charge

Offered Better Engergy fixed for one year electricity Unit rate 47.64 p/kWh  daily charge 49.91 p/d

To fix or not to fix?

From what we know at this point in time that unit rate for electricity is above both the expected price in October 22 and Jan 23

However it could change.

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

Colino_Green

si_74 said:

Debtbegone2022 said:

Hi

I have the following fixed deal offer with Eon, should I take this? I am currently paying £122 a month, this would rise to £162, if I took the below.

Tariff name	Next Loyalty 24M Fixed Rate - June 2022 Issue 2 - Direct Debit Version
Tariff type	24-month fixed-term
Payment method	DIRECT_DEBIT
Unit rate	42.06p per kWh
Standing charge	41.66p per day
Tariff ends on	24 months from start of supply
Price guaranteed until	24 months from start of supply
Exit fees (if you cancel this tariff before the end date)	Not applicable
Discounts and additional charges	Not applicable
Additional products or services included	Not applicable

Assumed annual consumption	2,960kWh
Estimated annual cost	£1,397.30
Tariff Comparison Rate (TCR)	Not applicable

Supply of electricity is subject to 5% VAT: This is included in the prices and costs above, and may mean charges are displayed differently on a statement of account.

About your gas tariff
Supplier	E.ONnext
Tariff name	Next Loyalty 24M Fixed Rate - June 2022 Issue 2 - Direct Debit Version
Tariff type	24-month fixed-term
Payment method	DIRECT_DEBIT
Unit rate	10.36p per kWh
Standing charge	27.22p per day
Tariff ends on	24 months from start of supply
Price guaranteed until	24 months from start of supply
Exit fees (if you cancel this tariff before the end date)	Not applicable
Discounts and additional charges	Not applicable
Additional products or services included	Not applicable

Assumed annual consumption	4,324kWh
Estimated annual cost	£547.23
TCR)

There are worse deals out there at the moment I think. It is coming in under that expected October cap so that's a positive. I would say you are unlikely to get a better fixed deal, which is also a positive.

You will pay more than the cap for the next few months, but it is the lower usage time of year. 

The negative is that it's two year deal and nobody has a clue what will happen from the spring of 23 and beyond. Worth considering in my opinion, especially if you like certainty in bills.

I took this deal thanks to advice in this thread on Sunday. Crucially, there are no exit fees. So if the price cap drops lower sometime after October it should be simple to drop to variable rate or switch supplier, etc.

amarcusj69

Currently with OVO until end Aug, 1 yr fixed at £86 p/m G&E. 
Just for offer to move to new 1 yr fix at £219, or 2yr at £256!! Compared to SVR of £149.

So, plan is to
a) wait until 26-Aug when Oct price cap is announced = no recommit to any fix; 
b) go to the SVR for Sep as is £80 cheaper that month alone vs the best fix offer
c) compare SVR vs Fix offers at start of Oct and decide to stay on SVR (with the hope that things reduce through 2023) or lock in some certainty and hope that things are. Or too far apart

My current OVO tariff is the ‘Drive’ one with the £0.05p p/kWh when charging my electric car (the tariff links my home charger so can identity usage there vs inside the house). BUT - to keep said £0.05p benefit you need to move to the £219 1yr fix. Ao, looks like I’ll be using my BP polar card (all you can eat electric) for just £7.85 p/m instead. 

QrizB

amarcusj69 said:

Currently with OVO until end Aug, 1 yr fixed at £86 p/m G&E. 
Just for offer to move to new 1 yr fix at £219, or 2yr at £256!! Compared to SVR of £149.

So, plan is to
a) wait until 26-Aug when Oct price cap is announced = no recommit to any fix; 
b) go to the SVR for Sep as is £80 cheaper that month alone vs the best fix offer
c) compare SVR vs Fix offers at start of Oct and decide to stay on SVR (with the hope that things reduce through 2023) or lock in some certainty and hope that things are. Or too far apart

I hate to say this but that might not be a very good plan.

a) There's a good chance that OVO's fixed-rate prices will rise between now and the end of August. That £219 might look like a bargain by then.

b) £219 - £149 is £70, not £80.

c) Your SVR price in Oct is also likely to be higher than the 1-yr fix you're currently being offered, enough that over the next 12 months you'll pay more than the extra £70.

My current OVO tariff is the ‘Drive’ one with the £0.05p p/kWh when charging my electric car (the tariff links my home charger so can identity usage there vs inside the house). BUT - to keep said £0.05p benefit you need to move to the £219 1yr fix. Ao, looks like I’ll be using my BP polar card (all you can eat electric) for just £7.85 p/m instead. 

Unless I'm reading this wrong, BP Pulse (formerly BP Polar) is £7.85/month just for membership; electricity is 35p/kWh on top.

jefferson89

Hey Guys I am currently with British Gas in the SVR and I was offered a few tariffs back in June, but was unsure whether to fix or hold off.  I have checked my account and it states "you currently have no available tariffs in the app, try the website" I look at the website and again getting a.message that there no meaning tariffs to be offered and best to stay on the SVR.  Is this true for any other British Gas customer, as it seems I couldn't fixed now even if I wanted to?  Are other BG customers not being offered anything from them?

Mstty

jefferson89 said:

Hey Guys I am currently with British Gas in the SVR and I was offered a few tariffs back in June, but was unsure whether to fix or hold off.  I have checked my account and it states "you currently have no available tariffs in the app, try the website" I look at the website and again getting a.message that there no meaning tariffs to be offered and best to stay on the SVR.  Is this true for any other British Gas customer, as it seems I couldn't fixed now even if I wanted to?  Are other BG customers not being offered anything from them?

Hi there, yes this is the case for other British Gas customers as well. Following the latest price cap predictions BG do not appear to have a fix deal open to all customers. 

How long have you been with BG? Maybe they have a loyal fixed rate they can offer you via customer services?

If not consider a switch and fix away and that means switching to green energy(mentioned a lot in this thread so if you know your annual usage do a quote)

 https://www.greenenergyuk.com/