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Fixed deal ending

Keith.macfarlane01
Keith.macfarlane01 Posts: 8 Forumite
Third Anniversary First Post
in Energy
Hi currently with BG has part of switch from peoples energy so been pretty lucky so far to a degree anyway better than some. Deal finished in June and been offered the new rate which looking on here appears to be around 32%. So based on the feedback from Martin I should go on the variable right and not fix this deal in? Confused as we approach oct without a fixed won’t I be worst off?

Comments

  • QrizB
    QrizB Posts: 15,513 Forumite
    10,000 Posts Third Anniversary Photogenic Name Dropper
    Keith.macfarlane01 said:
    Hi currently with BG has part of switch from peoples energy so been pretty lucky so far to a degree anyway better than some. Deal finished in June and been offered the new rate which looking on here appears to be around 32%. So based on the feedback from Martin I should go on the variable right and not fix this deal in? Confused as we approach oct without a fixed won’t I be worst off?
    It would be helpful of you could tell us:
    • Your typical annual consumption, in kWh, for each of gas and electricity, and
    • Full details of the fixed-rate tariff you've been offered by BG.
    With that info we can help you calculate the likely costs of fixed vs variable and help you make an informed choice.
    N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Shell (now TT) BB / Lebara mobi. Ripple Kirk Hill member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 33MWh generated, long-term average 2.6 Os.
    Not exactly back from my break, but dipping in and out of the forum.
    Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
  • Mstty
    Mstty Posts: 4,209 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    When it is said informed choice read gamble👍
  • Keith.macfarlane01
    Keith.macfarlane01 Posts: 8 Forumite
    Third Anniversary First Post


    Top one is gas new rate and bottom electric on their Loyalty Jun 23v2 plan. 

    I am spending around £30 a week on electricity which is pretty std throughout the year and gas I estimate 18000 kWh a year. 
  • Mstty
    Mstty Posts: 4,209 Forumite
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    So you are a heavy user if energy.

    £30 a week of elect at 10.336p kWh is approx 14,000 kWh Electricity and you also use 18,000 kWh gas a year.

    Wow are you sure your £30 a week electricity is correct perhaps you can check your bills for actual kWh use.
  • QrizB
    QrizB Posts: 15,513 Forumite
    10,000 Posts Third Anniversary Photogenic Name Dropper
    Keith.macfarlane01 said:
    Top one is gas new rate and bottom electric on their Loyalty Jun 23v2 plan. 
    That deal is in the "maybe worth it" range. Its not a must-have but it's also not crazy expensive.
    Mstty said:
    £30 a week of elect at 10.336p kWh is approx 14,000 kWh Electricity and you also use 18,000 kWh gas a year.
    Electricity is more like 28p/kWh so closer to 5000kWh/yr.
    N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Shell (now TT) BB / Lebara mobi. Ripple Kirk Hill member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 33MWh generated, long-term average 2.6 Os.
    Not exactly back from my break, but dipping in and out of the forum.
    Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
  • Mstty
    Mstty Posts: 4,209 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    QrizB said:
    Keith.macfarlane01 said:
    Top one is gas new rate and bottom electric on their Loyalty Jun 23v2 plan. 
    That deal is in the "maybe worth it" range. Its not a must-have but it's also not crazy expensive.
    Mstty said:
    £30 a week of elect at 10.336p kWh is approx 14,000 kWh Electricity and you also use 18,000 kWh gas a year.
    Electricity is more like 28p/kWh so closer to 5000kWh/yr.
    He stated he was paying 10.336p kwH so the calculations were on his current payments 👍

    Post 4 and I read it as that's what he has paying now not revised from an offer.

    Be very happy to be wrong when the OP returns and says it's £30 a month not week🤞


  • QrizB
    QrizB Posts: 15,513 Forumite
    10,000 Posts Third Anniversary Photogenic Name Dropper
    Mstty said:
    QrizB said:
    Keith.macfarlane01 said:
    Top one is gas new rate and bottom electric on their Loyalty Jun 23v2 plan. 
    That deal is in the "maybe worth it" range. Its not a must-have but it's also not crazy expensive.
    Mstty said:
    £30 a week of elect at 10.336p kWh is approx 14,000 kWh Electricity and you also use 18,000 kWh gas a year.
    Electricity is more like 28p/kWh so closer to 5000kWh/yr.
    He stated he was paying 10.336p kwH so the calculations were on his current payments 👍
    That's his new gas tariff, not his current electricity one!

    N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Shell (now TT) BB / Lebara mobi. Ripple Kirk Hill member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 33MWh generated, long-term average 2.6 Os.
    Not exactly back from my break, but dipping in and out of the forum.
    Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
  • Keith.macfarlane01
    Keith.macfarlane01 Posts: 8 Forumite
    Third Anniversary First Post


    These are my current tariffs top on electric bottoms gas 
  • QrizB
    QrizB Posts: 15,513 Forumite
    10,000 Posts Third Anniversary Photogenic Name Dropper
    Keith.macfarlane01 said:
    These are my current tariffs top on electric bottoms gas 
    Your current tariff is identical to the Ofgem-capped standard variable tariff for the South East region, which I guess is yours?
    BG's projected annual cost for electricity works out as around 4900kWh/yr, and gas around 11300kWh/yr.
    On the fixed tariff they've offered, your electricity will cost £1934 (+21%) and gas £1277 (+38%), a total of £3211 (+27%) overall.
    If Ofgem's projection of a 42% cap increase in October is accurate, the fix is likely to be worth taking.
    N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Shell (now TT) BB / Lebara mobi. Ripple Kirk Hill member.
    2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 33MWh generated, long-term average 2.6 Os.
    Not exactly back from my break, but dipping in and out of the forum.
    Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
  • Mstty
    Mstty Posts: 4,209 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    @qrizb gotcha👍👍 cheers


    @Keith.macfarlane01

    Personally I think the percentage increase on gas (lots of fixes appear to be loading gas heavily) is too much for anyone to say fix or not for definite.

    It's a gamble and one only you can make👍



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