fixed loyalty from so energy

elle_may

I have a month to go on my last years fix. been offered loyalty rate as follows.  
Elec 50.81 sc 26.43
Gas 12.53 sc 26.11
Which is based on my last yrs usage of 3979kws and 6012. This works out of £2,967 for the year. £247 monthly or i can split this £185,50 summer and 308.75 in winter. As the prediction  is over £3000 next year is it worth fixing. Olso £30 exit fee.  I am just worried the next price cap could  go over this in Oct and Jan. The so flex variable is okay for now, but this will go up next month to god knows what.  Any thoughts on this would be appreciated. Just to say the flex is now £153 a month.

Mstty

At the current time October rates are approximately 42p elec and 12.5p for gas (approximates as no one knows for sure until the August announcement from Ofgem.

So the fix offered us above the current expected rates for energy in October.

That said Ofgem announce the October 2021 price cap on 6th August. 

I wonder what date your new fix would start should you take it but then cancel it if it is way more.exoensive than the figures announced by Ofgem in August?

MWT

elle_may said:

As the prediction  is over £3000 next year is it worth fixing.

Keep in mind that the prediction is based on a 'typical user' so you can't just compare your total cost with the £3,000, as that assumes around 25% less electricity than you use, but twice the gas...

elle_may

Mstty said:

At the current time October rates are approximately 42p elec and 12.5p for gas (approximates as no one knows for sure until the August announcement from Ofgem.

So the fix offered us above the current expected rates for energy in October.

That said Ofgem announce the October 2021 price cap on 6th August. 

I wonder what date your new fix would start should you take it but then cancel it if it is way more.exoensive than the figures announced by Ofgem in August?

Thanks, It would start on the 4 Aug. But i don't think  this fix will be around by then. Oh i just thought doh! i could lock it in till then. But i don't know if i could go on the flex if i cancelled.  

QrizB

elle_may said:

I have a month to go on my last years fix. been offered loyalty rate as follows.  
Elec 50.81 sc 26.43
Gas 12.53 sc 26.11
Which is based on my last yrs usage of 3979kws and 6012. This works out of £2,967 for the year. £247 monthly or i can split this £185,50 summer and 308.75 in winter. As the prediction  is over £3000 next year is it worth fixing. Olso £30 exit fee.  I am just worried the next price cap could  go over this in Oct and Jan. The so flex variable is okay for now, but this will go up next month to god knows what.  Any thoughts on this would be appreciated. Just to say the flex is now £153 a month.

That deal looks expensive to me. Using your consumption values and these forecasts for the October cap, I get:

• Current capped variable - approx. £1835/yr
  
• Buest-guess October cap - approx. £2680/yr
• That fixed-rate offer - approx. £2966/yr

If the October cap is close to expected values, you'll be better off by almost £300/yr on the variable tariff and not taking the fix.

elle_may

Thanks I came to that conclusion, but it is nice to know you have come to the same. As i use more elec over the year that rate was too much . Gas only up in winter so the heating can be controlled better. And i will get a lot of help from Goverment.  That' if PM going will change that. As a prolific fixer over the years it was going against me to not fix. But hey we live in times  that no one knows.