Scottish Power Price Cap?

bicyclist

Hi... We came to the end of our fixed tariff a couple of months ago. We didn't fix again, just went with the open market rate. Currently for 2 of us in a small 2 up/2 down we pay about £70 a month, which is roughly double in winter (so about £110 p/m average over the year). SP are offering either a 1 Year Flexi Tariff for £148.17, or a 2 Year Flexi Tariff for £153.16. If energy prices are expected to rise by 51% in October, it looks like we'd be better off with either of those deals. Am I missing something? Thanks.
  

bristolleedsfan

bicyclist said:

, it looks like we'd be better off with either of those deals. Am I missing something? 
  

Unit rates are more expensive than October cap unit rates are currently expected to be coupled with high exit fees and you would start paying the new rate immediately. ( If no exit fees for existing customers tariff still not worth taking)

1 and 2 year tariffs are not completely fixed, have a variable element hence tariff called flexi as opposed to fixed.

pochase

You are only giving some direct debit estimates.

Are they based on the usage?

bicyclist

pochase said:

You are only giving some direct debit estimates.

Are they based on the usage?

Ah, sorry. No DD. We have been paying the bills as they come in. So… yes(?) I assume they’re based on usage. 

pochase

If you were on a fixed tariff paying an average of £110pm there is no chance that the £148 for the 1 year fix is based on your usage.

The unit rates are higher than the expected new SVT with over 45p



Coming good fixed rate would treble your your monthly cost, a really bad one still more than double your cost.

bicyclist

pochase said:

If you were on a fixed tariff paying an average of £110pm there is no chance that the £148 for the 1 year fix is based on your usage.

The unit rates are higher than the expected new SVT with over 45p



Coming good fixed rate would treble your your monthly cost, a really bad one still more than double your cost.

Ah, ok. Best to wait for now then? Thanks.

Coffeekup

bicyclist said:

pochase said:

You are only giving some direct debit estimates.

Are they based on the usage?

Ah, sorry. No DD. We have been paying the bills as they come in. So… yes(?) I assume they’re based on usage. 

Don't assume... Do you have a smart meter? Do you enter you own meter readings?
If yes to the above you DD should be correct, if you haven't done either of the above your bill will have an E for estimated usage, if that's the case you need to check your readings now 

bicyclist

Coffeekup said:

bicyclist said:

pochase said:

You are only giving some direct debit estimates.

Are they based on the usage?

Ah, sorry. No DD. We have been paying the bills as they come in. So… yes(?) I assume they’re based on usage. 

Don't assume... Do you have a smart meter? Do you enter you own meter readings?
If yes to the above you DD should be correct, if you haven't done either of the above your bill will have an E for estimated usage, if that's the case you need to check your readings now 

No, we don’t have a smart meter. We enter our readings and pay the bills as they come in (no DD). We’re doing it month-to-month now. 

pochase

You are aware that this are the most expensive rates for energy to not use the discount for direct debit?

bicyclist

pochase said:

You are aware that this are the most expensive rates for energy to not use the discount for direct debit?

Yes, I know. 

Alnat1

So on one hand you care how much it would cost to fix and if it's worth it but on the other you're happy to pay around £100 a year extra by choosing not to pay by direct debit.

I'm baffled.......