Fix or Not - British Gas Loyalty Jun 23v2

g0009348

Hello,

Really struggling with this decision, so hoping somebody can help me understand the charges/savings (hopefully) to help ease the decision

I'm currently on the peoples Tariff, which ends Jun 22.  I've been offered BG 23v2.

Current charges are

	Peoples Tarrif		BG 23V2		Standard Variable
	Elec	Gas	Elec	Gas	Elec	Gas
Standing Unit Charge	27.865	7.367	34.348	10.384	27.865	7.367
Standing Charge	48.127	27.22	53.607	29.959	48.127	27.22
Yearly Usage	4230	11848

Could somebody please help me with the calculation to see if fixing would be within the limits which MSE has suggested a fix makes sense?

Thanks you for you help

pochase

Here you go. The fix is 28.44% more expensive than the current SVT, so what currently is a "good" fix.

g0009348

Thank you, thats really useful.  So the Cornwall Insights numbers are the best interpretation of what will be imposed in October?

pochase

They are one, the other one is the Ofgem letter from 24th of May with £2800 for the cap. Cornwall from 1st of June is £2879, they were 2790 on 24th of May. So Cornwall is less than 3% higher than Ofgem.

I personally like the Cornwall one because they do a prediction of cap for gas and electricity separately. 
Don't forget, both are just predictions, nobody knows what is going to happen. So it is up to you what you make of it and if you are going to use it as a basis for you gamble.

macman

I'm also looking at the same possible fix, but the problem is, my gas is still on a decent BG fix that runs until end August, whereas the leccy has already gone to SVT.
What is very difficult to quantify is whether switching to a higher fix now (at the start of summer) is worth it to get the autumn and winter savings, because consumption through this summer will be a small part of the annual total, even though that period will be on a much higher rate if i fix now.
BG 23v2 could be around for a few more weeks, or it could be pulled tomorrow. Do you feel lucky?

pochase

How much gas are you using during summer? Will it really make a huge difference?

g0009348

BG said I have until the 16th to decide, so will give it some thought.  Thanks for the help with the number etc, really useful

Mstty

g0009348 said:

BG said I have until the 16th to decide, so will give it some thought.  Thanks for the help with the number etc, really useful

You also get 14 days to back out of a deal don't forget so you could accept and set a reminder in 10-12 days to see how it sits with you then👍

Gseward123

I have also been offered the Jun Loyalty Jun 23v2 fix. The estimate annual cost is roughly 25% higher than variable. Can someone please advise if this is worth taking? from the ML video on this it seems to me like it could be but would love a 2nd opinion. Thanks. 

Alnat1

Post your annual usage and figures from your SVT and the offered fix and hopefully someone can do the maths.

pochase

Gseward123 said:

I have also been offered the Jun Loyalty Jun 23v2 fix. The estimate annual cost is roughly 25% higher than variable. Can someone please advise if this is worth taking? from the ML video on this it seems to me like it could be but would love a 2nd opinion. Thanks. 

Are you sure it is still available to you? Many reports are that June fixed tariffs have been withdrawn for them.