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

littleteapot

renifer7 said:

Compared to my SVR with British Gas this is an increase of 73% on electricity and about 100% on gas unit rates. Standing rates are minimally lower than SVR. So overall your unit price will increase by ca. 86%. Martin's advice at the moment is do not switch beyond 75% increase: https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

I can't really blame Martin as he doesn't have a crystal ball, but despite his recommendation not to fix in April 2022 unless the fix was less than 20% above the SVR (which is when my previous 2 year fixed rate with EDF ended) I had a 'gut feeling' that prices were going to go a lot higher by autumn, and decided to take EDF's  April 2024v2 fix. Friends/colleagues scoffed at the time but now the chickens have come home to roost.

The April 24v2 (E7) I took was 20.81 night, 41.52 night, 38.0 SC (Eastern region)

The best offering today from the EDF portal for me is 25.33 night, 70.85 day, 38.0 SC.

The £150 exit fee really is chicken feed now in the real scheme of things!

littleteapot

Sorry, meant "The April 24v2 (E7) I took was 20.81 night, 41.52 day, 38.0 SC (Eastern region)

Hooch22

Can anyone tell me if the below is a good 12 month fix (no exit fees) I would really appreciate the help.

Gas 14.93p/kWh (standing charge 27.22p/day)

Elec day 49.85p/kWh / elec night 32.17p/kWh (standing charge 37.74p/day)

Many thanks

si_74

Hooch22 said:

Can anyone tell me if the below is a good 12 month fix (no exit fees) I would really appreciate the help.

Gas 14.93p/kWh (standing charge 27.22p/day)

Elec day 49.85p/kWh / elec night 32.17p/kWh (standing charge 37.74p/day)

Many thanks

As the announcement of the new cap approaches and the fixed rates on offer (seemingly) get more expensive I feel it is getting more difficult to give definitive opinions. I have certainly noticed that responses in these threads has changed and people are generally less certain about advising one way or the other when it comes to taking a fix.

I think with this rate it depends a little on which cap prediction you believe, up until a couple of weeks ago I think most would have said that the rates you have been offered are a little on the high side. However with a new prediction that mentions an average of £3,800/annum the rates you have been offered suddenly don't seem as bad.

You probably need to balance up the exit fees (if there are any), how much energy you use, how long the fix is for and how much you like to have certainty of bills.

Fixes are not lasting long and could be pulled, so if you think you might go with this one then do it and use the 14 day cooling off period to give yourself some time to ponder.

Hooch22

si_74 said:

Oh Hooch22 said:

Can anyone tell me if the below is a good 12 month fix (no exit fees) I would really appreciate the help.

Gas 14.93p/kWh (standing charge 27.22p/day)

Elec day 49.85p/kWh / elec night 32.17p/kWh (standing charge 37.74p/day)

Many thanks

As the announcement of the new cap approaches and the fixed rates on offer (seemingly) get more expensive I feel it is getting more difficult to give definitive opinions. I have certainly noticed that responses in these threads has changed and people are generally less certain about advising one way or the other when it comes to taking a fix.

I think with this rate it depends a little on which cap prediction you believe, up until a couple of weeks ago I think most would have said that the rates you have been offered are a little on the high side. However with a new prediction that mentions an average of £3,800/annum the rates you have been offered suddenly don't seem as bad.

You probably need to balance up the exit fees (if there are any), how much energy you use, how long the fix is for and how much you like to have certainty of bills.

Fixes are not lasting long and could be pulled, so if you think you might go with this one then do it and use the 14 day cooling off period to give yourself some time to ponder.

Many thanks. I took this out last week before the rates went up but it still seemed high. It has a 14 day cooling off period so was trying to decide what to do. It does have no exit fees so I might keep it until the ofgem price tariff and then decide. Only be a month or higher fees if it ends up lower.

elantan

was quoted yesterday £548 a month for 2 year fixed rate ... I cant afford that 

think I may have to go SVR 

Mstty

elantan said:

was quoted yesterday £548 a month for 2 year fixed rate ... I cant afford that 

think I may have to go SVR 

Yep those rates do look very high.

Out of interest what is your usage gas and elec kWh you may want to look at reducing your usage?

elantan

This is my usage so far for 2022, I'm using 28% less gas due to having a new boiler fitted, the quote is with that in mind as far as I'm aware 

Isnt the quote though per unit and standing charge ? wont that be the same for everyone ? my consumption would be higher but my rate should be the same ? 

I genuinely dont know where else we can cut back 

Cloth_of_Gold

Thought I'd check if the Green Energy quote had gone up since I last looked and I received this message:

Due to unprecedented market volatility, we are sorry to say we are unable to process switches online at the moment.

Please email us at hello@geuk.com or call 01920 486 156 between 9am and 4pm weekdays and we’ll see if our team can help.

Looks like we might have missed the boat.

I just read our meter and in July we used 300 KWH of electricity, which on the SVR we are on equates to just over £100. At the expected October rates that would have been at least £150, maybe £170. We did have an air con unit going all day for a few days in the very hot weather but otherwise our usage should be as low as it gets at the moment. I can see we will be spending £300 pm in the winter, unless it's very mild. A couple of years ago we were paying about £70/80 per month, averaged out over the course of the year.

I'm not sure we have huge scope for reducing our usage but I m trying to remember to turn off the chargers at the socket when we're not using them (we normally have 3 plugged in permanently).  Perhaps I should turn off the desktop computer as I mainly use my laptop. I could turn off the printer too as I don't use it that much and turn off the TV at the socket at night.  I'm not sure how much doing such things saves though.

Spoonie_Turtle

elantan said:

[IMAGE]
This is my usage so far for 2022, I'm using 28% less gas due to having a new boiler fitted, the quote is with that in mind as far as I'm aware 

Isnt the quote though per unit and standing charge ? wont that be the same for everyone ? my consumption would be higher but my rate should be the same ? 

I genuinely dont know where else we can cut back 

The unit rates offered will be the same for everyone on that tariff, but the overall quote in pounds for you is based on your usage.

(That said, the unit rates offered on that fix really are high so if it were me there's no way I'd go for it.)