New fixed deal from British Gas

NorthumberlandRR

Does anyone know if BG are waiving the exit fees for fixed tariffs.  I signed up to the Loyalty23v2 tariff back in June - as the Government showed no sign of stepping in to support.  I have had the email saying I would be better off on the EPC rate now - but only by around £50 but my tariff shows £75 exit fee per fuel - so £150.  But I seem to remember seeing (but cant find it now) that they were going to waive exit charges.  Anyone know before I attempt to actually speak to them - seeing if i can save a few hours of my life!!!

RL11

@NorthumberlandRR

https://www.britishgas.co.uk/energy/price-cap.html

You can still switch to our standard variable tariff now without paying exit fees.

pali2021

@RL11, Thanks for your response. As my unit rates are the same on both fixed and SV, the only difference is the SG which works out to be around £20 more. So i am thinking of staying on the Fixed as atleast I will have peace of mind that it's going to remain fixed till the end of May 2023.

I looked at your rates and you've got a better unit rate for Gas on your fixed rate. So if this turns out to be an exceptionally cold winter then I think you stand to gain. If not you are only worse off £7 as per your calculation.

Gollom122

I’ve just received an email encouraging me to switch from my June 23 fixed rate to the standard tariff to benefit from epg . 

I’m confused. BG estimate for me is £4850. Standard tariff with peg is £4800 (both way over my estimated usage). 

Surely if I stay on fixed I’ll pay no exit fee and the epg will be applied saving me £50. If I switch then that would mean BG claims more money from the Government which won’t be passed on to me. 

Why would I switch?

AWright71

I was sent an email from BG a few weeks ago offering to switch from my loyalty fix rate, which I signed up to back in May, for no exit fees. I've today received another email from them but without the offer of free exit. 
I'm really confused as to whether switching now to the BG variable is better than the loyalty fixed. 
The loyalty Jun 23v2 fixed is £1850 based on 7057kWh gas usage and 2258kWh electricity usage per year
BG have given me a comparison in today's email to my loyalty fixed and their current fixed; my loyalty fix works out at £1,879.37 per year and their standard variable works out at £1857.59 so it's obviously cheaper at the moment but isn't it due to increase further still until it reaches the cap of £2500? 

RL11

@Gollom122

The BG website says:
"If you’re currently on one of our fixed-rate tariffs that are priced above the Energy Price Guarantee, we'll automatically discount your unit rates from 1st October. If the discount does not bring you in line with Energy Price Guarantee, we'll be in touch by letter or email with the option to switch to our standard variable tariff to ensure you're offered the cheapest tariff"

I can't find any definitive info on what that discount will be but would assume in your case, it's not enough to bring your bill down £50, so you will pay less on the variable rate - hence them emailing to say variable is better for you.

I have been emailed to say I should stay on fixed, so they must be discounting my fixed, as the original fixed rates are higher than variable, except for gas units

Gollom122

See my post above yours. It seems to me that they want you to make the move so they can wash their hands of the fix. Moving to variable just means they can increase tariff and the Gov will take up the increase. 

£2,500 isn’t a cap. It’s typical use. 

RL11

   

BG email yesterday:
"Your current fixed price tariff is still the cheapest option for you"

BG email today:
"From 1st October, the fixed tariff you’re currently on is more expensive than our Standard Variable tariff – even with the EPG discount applied. So, we strongly suggest you switch to avoid paying more for your energy than you need to"

Gollom122

I’m staying putt. I’ll calculate at the end of the year and request any rebate if variable is cheaper. 

pali2021

I can't honestly think that these firms have our priority in their minds when they suggest something to us. I am happy to pay the extra £20 and remain on fixed.