Tariff ending info appreciated

Jimbouk

Good morning
My current fixed tariff with Scottish energy is ending and would appreciate advice as to the best was to go with the current price caps in place.
I have usually used this and other comparison sites to move to the best available rate at the time but things are a little different this time.
Scottish power have offered me a few 1 and 2 year fixed deals as detailed below which made my eyes water

	Electricity Kwh	Standing Charge	Gas	Standing Charge
Current Plan	15.6	23.75	2.68	23.3
New Offers	43.49	43.14	13.5	21.46
Price cap	28	45	7	27

My average use for the year is Elec 2800Kwh  and Gas 8700Kwh

What confuses me is how can the fixed prices that I am being offered be way higher than the current price cap ?
Am I correct in thinking that if I just role on to the standard tariff I will be subject to the current price cap that would be the best option for me at the moment?
I understand that there will be another review of the price cap in the near future ,.

Any help or advice would be much appreciated , thanks in advance

Jim

Mstty

Personally those figures for the fix are too high to consider, but that's me.

Fixed rates are not protected by the price cap so yep standard variable is how I would proceed.

Forecasts suggest (large pinch of salt)

42% rise Oct 2022
2% rise Jan 2023 (if Ofgem move to quartely)

Fall in the cap April 2023 (will check if any predictions are out yet)

Jimbouk

Thanks for the reply

My intital thought was to drop on to the standard variable tariff so thanks for that.
Seems a bit of a con that they can around the price cap with the fixed rate offer .
I can always re evaluate in Oct .

Cheers

pochase

You won't be able to gamble after the fact. In other words if the CAP is higher than the fixed rate offered you will have no chance getting this still in October. The gamble is now not to take a fixed tariff.

And no, I don't think I would take this offer, there are better offers out there. This one is to expensive, so the above was a general statement about evaluating in October.