Energy Price end of fixed tariff.

vegan

|Just been notified by Outfox The Market, my current fix (Super Fix'd 12m Jun21 v3) costing £990/ year. They are offering me (Fix'd X 22 6.0) at £4138/ year. How can this be possible. Simply insane! Don't know what to do.

MWT

vegan said:

|Just been notified by Outfox The Market, my current fix (Super Fix'd 12m Jun21 v3) costing £990/ year. They are offering me (Fix'd X 22 6.0) at £4138/ year. How can this be possible. Simply insane! Don't know what to do.

Do not accept their fixed offer and you will go onto the capped standard variable tariff.

The fixed tariff they have offered it literally a trap...

If you have a closer look you'll see something like this (Eastern region) ...

Supplier name: Outfox The Market. Tariff name: Fix'd X 22 6.0. Tariff type: Dual Fuel Only - Fixed. Payment method: Direct Debit. Electricity unit rate: 61.897p per kWh. Electricity standing charge: 38.633p per day. Gas unit rate: 19.229p per kWh. Gas standing charge: 32.752p per day. Exit fees: £300.00 per fuel. Tariff Term: 12 months

Those rates are far above anything predicted for the next cap increase, and you would have to pay £300 per fuel to get out of the fix if you wanted to leave...

pochase

Have you checked that the usage they are basing are the same as the old fix?

Is the £990 correct, or did you use more or less the last 12 months? Are you in debt or credit?

Please give us your usage for the last 12 months and what region you are in, as well as if you are in debt or credit. Unit rates for your old tariff and the new tariff please also.

In general this is unfortunately not insane, it is the new energy reality.

The fix they offer you will be more expansive than the current SVT, but might be cheaper than the new SVT starting from October. Coming of a good fix doubling your electricity unit  rate and trebling gas unit rates are not unheard of. Add to that the current prediction of 40 to 45% increase in October and you above offer is not impossible to be correct.

But please give us the real data so we can have a look at it.

Edit
Your email also should have the details for the variable rate, not just the fixed tariff. Don't do anything now, especially if the rates @MWT has given are even close to what you have been offered.

QrizB

pochase said:

In general this is unfortunately not insane, it is the new energy reality.

MWT is correct though; OFTM's current fixed-rate offerings are exceedingly steep. Unit rates are roughly double the expected October cap. Only the unwary would accept them.

Edit to add: they're quoting me (Southern region) £4370/yr for Ofgem's average 2900/12000 consumption.

Supplier name: Outfox The Market.
Tariff name: Fix'd X 22 6.0.
Tariff type: Dual Fuel Only - Fixed.
Payment method: Direct Debit.
Electricity unit rate: 61.784p per kWh. Electricity standing charge: 42.296p per day.
Gas unit rate: 19.217p per kWh. Gas standing charge: 32.605p per day.
Exit fees: £300.00 per fuel. Tariff Term: 12 months