Electricity tarrifs

Cantthink01

I am with Eonnext, I am on the Fix 1 Year v8  tarrif  £961.28 a year, It is due for renewal on the 24th August.

They have offered me two tarrifs the NextFlex £1469.52 and the NextOnline v17 £2550.82.

I am worried about taking the cheaper option because it's not fixed and may skyrocket in October but terrorfied of taking the fixed option because its almost 3 time what I am paying now.

Please advise me I am a pensioner and at my wits end.

Thanks

 

What_time_is_it

I am so sorry to hear this. The current energy crisis is not very well understood and not very well explained. Hopefully people here can help guide you to making the best decision.

One thing I would say straight away is that the NextFlex option you mention is almost certainly at current Standard Variable Rate (aka The Price Cap). This will go up massively from October 1st. Maybe by around 80%. 

The best thing you can do is share with us your estimated annual usage (in kwhs for both gas and electricity) and also tell us the unit rates and standing charges for both gas and electricity offered in the NextOnline v17 fixed tariff. Lots of people here will be able to offer you good advice then. Knowing when the fix rate will end is also useful info.

si_74

well if you look around this forum then you will see that you are not alone in any way, lots of people in the same situation, and that is just the people that are on here and awake to what is going on, of which you are now one. Many many more will still have no idea what is happening, and going to happen to their energy bills, and will be oblivious until later in the year. At least you can now prep for it once the initial shock has subsided.

if you have it then put your annual usage figures on here and the actual tariffs that you are being offered, you will likely get all the help and opinions you need to put yourself in the best position.

And if it's any comfort then lots of those advising you will have been in exactly your position within the last few weeks and months.

BUFF

Cantthink01 said:

Please advise me I am a pensioner and at my wits end.

Thanks

It's understandable that you are worried but at least you are ahead of many in that you are aware of what is coming - I fear that many are going to sleepwalk into crisis.
There is an upside though in that as a pensioner you, hopefully, will be eligible for quite a lot of government support
 https://www.moneyhelper.org.uk/en/blog/everyday-money/government-cost-of-living-support-package-to-help-with-energy-bills

jbuchanangb

It may be the right time to jump to Next Online v17 even though it's a big increase. Next Flex is forecast to increase by >60% on 1 October. I was on Next Flex and decided to jump onto Next Online v15 on 2 July and suck up approx £117 oncost for July-September in the knowledge I was then fixed until 1 July 2023.

As a pensioner getting  Winter Fuel Payment I will receive the extra Cost of Living Payment, but I did not get the Council Tax Rebate because my house is too big, nor the extra £650 for people on pension credit etc.

E.ON have probably over estimated your annual usage. Do your own sums, and work out what you think you should pay. After I signed up for Next Online v15, they took one more DD at the Next Flex rate, then increased the DD amount on their web site, so I logged on and reduced it to an amount I though more suitable, although still £50pm more than before. I am building up a healthy credit balance now to deal with the bills when they come in the winter.

Cantthink01

A couple of you asked for my usage, from my last bill it shows 4,728kWh hope this helps and thank you.

QrizB

Cantthink01 said:

A couple of you asked for my usage, from my last bill it shows 4,728kWh hope this helps and thank you.

You're electric-only? Are you on a multi-rate tariff (eg, Economy 7) or single-rate?

4728kWh/yr of single-rate electricity at the current cap (which is what NextFlex is) works out as around £1500/yr.

From October we're expecting that to rise to perhaps £2300/yr, possibly as high as £2500/yr (although we all hope not).

You'll probably be slightly better off sticking with NextFlex but NextOnline V17 would give you the reassurance a fixed tariff that won't rise any higher for 12 months.

Cantthink01

Yes I am electricity only with a single rate, from what you say there doesnt seem to be much to choose between the tarrifs, very scary times.