Did you take a fix deal?

si_74

richarda1951 said:

I am with British Gas on their 'Welcome Tarriff' as my previous supplier went bust last December. The paperwork for that arrangement said that the tarriff would run until 31st July 2022 (variable rate). The other day I had a call from BG suggesting I should take up the fixed rate tarriff they are offering. I had already looked at this (as a result of Martin's advice!) and was planning to move to the new tarriff as it is only about 32% more expensive than my current tariff, fixed until July 2023. The BG caller implied that the new fixed tariff would take over on 1st August and I agreed a new Direct Debit to start on that date, and all seemed OK. Imagine my surprise when the next day, I got emails to say that the new tariff was going to start immediately, not on 1st August! Are British Gas (and other suppliers) deliberately persuading people to take these fixed rate deals well before they know prices will increase, just to get extra profits for themselves, or am I being too sceptical?

I cancelled the fixed rate and I will re-apply closer to the end of July so that I am on the 'cheaper' rate for as long as possible, and I suggest others do the same!!

It's all guess work indeed. But I suspect that the fixed rate deals will be less attractive the closer we get to October for exactly the reason you hint at, the energy companies can make extra now by people (like me) picking up a fixed rate early.

Chino

richarda1951 said:

I cancelled the fixed rate and I will re-apply closer to the end of July so that I am on the 'cheaper' rate for as long as possible, and I suggest others do the same!!

You're making an assumption that any fixed rate deals offered by BG then will be no worse than what's on offer today. Presumably you're one of life's optimists.

Mstty

@richarda1951 Being summer the difference in taking a better fixed rate now compared to a worse rate closer to October is lessened but the fact energy use is at its lowest for most people.

But worth calculation and consideration 

Martico

Got lucky / judged beautifully

I fixed in Apr 2021 for 24 months w Octopus.
Elec 21.1p / kWh SC 25.75p / day
Gas 3.34p / kWh SC 26.59p / day  

And just scored a credit refund from them

brewerdave

Martico said:

Got lucky / judged beautifully

I fixed in Apr 2021 for 24 months w Octopus.
Elec 21.1p / kWh SC 25.75p / day
Gas 3.34p / kWh SC 26.59p / day  

And just scored a credit refund from them

If only...... My leccy fix is 31p+/kwh and gas !!!!!!!!!! (the best offer is over 3x that)

nyermen

Not perfect timing, but I decided to fix last october with scottish power (green dec 2023 tariff).  It was more than the variables at the time but is now less (especially that electric standing charge), and its until december next year.
SP fixed Dec 2023:
Elec 24.101p / kWh SC 24.520p / day
Gas 6.052p / kWh SC 26.43p / day

I think the cap now is something like 28p & SC 45p/d (elec) and 7p & SC 27p/d (gas).

QrizB

It's interesting that, at present, the poll is split roughly 60% fixed : 40% not.

Ofgem's market indicators include details of the split between variable and fixed tariffs for the larger suppliers.

Looking solely at electricity tariffs, and in order of size:

• EON: 4.3M accounts, 61% SVT
• BG: 4.2M accounts, 56% SVT
• OVO: 3.2M accounts, 72% SVT
• Octopus: 3M accounts, 56% SVT
• EDF: 2.8M accounts, 49% SVT
• SP: 2.1M accounts, 52% SVT
• Bulb: 1.4M accounts, 100% SVT
• Shell: 860k accounts, 38% SVT
• UW: 510k accounts, 48% SVT
• Utilita: 76k accounts, 100% SVT

Only Shell customers have a split that's close to the poll results.

In total that's:

• 22.3M accounts
• 8.67M on the SVT for less than three years (39%)
  
• 4.69M on the SVT for more than 3 years (21%)
  
• 8.51M on fixed tariffs (38%)
  
• 460k on "other" tariffs (all with Octopus, EDF or UW) (2%).
  

The data excludes pre-pay customers which is why Utilita have so few customers.

johnbhoy70

What's as pertinent as fixing or not is actually the timing of it and let's be honest how lucky you were or weren't!! All these decisions were or are gambles really. 

Mstty

QrizB said:

It's interesting that, at present, the poll is split roughly 60% fixed : 40% not.

Ofgem's market indicators include details of the split between variable and fixed tariffs for the larger suppliers.

Looking solely at electricity tariffs, and in order of size:

• EON: 4.3M accounts, 61% SVT
• BG: 4.2M accounts, 56% SVT
• OVO: 3.2M accounts, 72% SVT
• Octopus: 3M accounts, 56% SVT
• EDF: 2.8M accounts, 49% SVT
• SP: 2.1M accounts, 52% SVT
• Bulb: 1.4M accounts, 100% SVT
• Shell: 860k accounts, 38% SVT
• UW: 510k accounts, 48% SVT
• Utilita: 76k accounts, 100% SVT

Only Shell customers have a split that's close to the poll results.

In total that's:

• 22.3M accounts
• 8.67M on the SVT for less than three years (39%)
  
• 4.69M on the SVT for more than 3 years (21%)
  
• 8.51M on fixed tariffs (38%)
  
• 460k on "other" tariffs (all with Octopus, EDF or UW) (2%).
  

The data excludes pre-pay customers which is why Utilita have so few customers.

I do wonder with all the media coverage if this is undergoing a change. 

brewerdave

Amongst my "acquaintances" there is a reasonably even split between the " Oh God how are we going to cope this Winter" group and " it's only money" !!  despite the continuous Press coverage