Electricity Renewal Offer

Rosamunde

I’m a British Gas customer and my fixed rate finishes on 4th August 2022. 

My rate is currently;
standing - 19.13p a day 
Day rate - 19.13
Night rate - 10.43

The Renewal offer which is Fixed until August 23 is ;
Standing - 51p a day
Day rate ; 39.84
Night rate - 22.65.

Ive tried to work out percentage increases against future price indicators but I’m still unsure if this is a good option or just to run onto their Variable rate which is ;
Standing - 44.84p a day
Day - 30.31
Night - 20.27

Any feedback or advice would be greatly appreciated,
Thank you.
Rosamunde.

TheMilkmansDad

do you have your annual usage to hand? someone will be able to help crunch the numbers for you.

pochase

Please keep in mind that the SVT rate you posted is only valid for another three months. It will be increased in October and the overall increase prediction is currently 51%.

This is at the moment not written in stone, it might be more or less. 

Problem with E7 tariffs is that suppliers can set the day and night rates a bit like they want to as long as their defined split stays within the cap. So one supplier will set it at 30% night/70% day, the next at 40/60. 

Predicted  electricity cost for single rate is 43p to 44p at the moment, so even the day rate on the fixed offer looks very good. I have seen fixed that are in this range for single rate lately.

We will only be able to tell you how much more in percentage it will cost you once you post your usage data, as we don't know what split BG is going to use. But if you use the 50% as increase on the rates the fixed tariff looks really good, especially for off peak.

Rosamunde

Just checked my predicted annual consumption and it’s 9752.80.
My Electric is for 2 properties as I have a small Dependants property in my garden for my parents but I pay all their Bills too so maybe this is a high usage !
Thank you so much for all your help.

pochase

What is the split between day and night use?

And I assume you are all electric?

Rosamunde

Yes we are all Electric and the split is approximately 32% night usage and 68% day usage.

pochase

As I thought that is for the current situation an excellent deal, only an increase of 26% over the SVT.


By adding 50% to the unit rates for the current SVT the October SVT would be £344, but this is very crude and just assumes that BG will do nothing to the percentage split.

Rosamunde

Thank you so much for your advice, it is really appreciated and I can understand it a lot clearer now. 

pochase

Scary that we get positively exited about an increase of only 26% isn't it?