Tarrif ending.. what should I do??

iainiow

My two year tarrif with ovo for gas and electric issue to end in September.. what should I do next? Obviously my monthly is going to increase significantly, but should I fix at 365 per month or leave variable at 167 a month knowing that the cap is increasing again. Obviously the variable catches my eye, but will that change significantly after October? 

GingerTim

Remember that you aren't fixing for £365 month, that's an estimate amount and what matters in calculating what you will pay is actual usage.

To work out whether the tariff is worthwhile you will need to take your actual usage in kwh and the the tariff's unit rates. If you post those details here, some of the knowledgeable folk here will be able to help you work things out.

[Deleted User]

Analysts suggest that the Ofgem Cap might have to increase to £3358 (an increase of 70%) from April with a further rise of 7.5% in January 2023.

As you have just come off a 2 year fix, you can expect percentage prices much higher than those stated above. If you provide your annual usage in kWh/year some very clever people might be able to offer some more detailed advice.

Shabbycat

Sorry to jump in but I have exactly the same question as my fix ended in June.
I’m with Scottish Power. Currently paying
Electricity 27.847 per unit and 36.110 SC.
Gas is 6.994 per unit and SC is 25.920.

The one year fix being offered is-:
Electricity 53.31 per unit. SC  32.31 per day
Gas is 17.09 per unit and SC is 21.46

My usage is Gas 5338 units per year Electricity 1153 units per year.
What do you suggest I do, fix or stay on the price cap??
Thank you 

pochase

Shabbycat said:

Sorry to jump in but I have exactly the same question as my fix ended in June.
I’m with Scottish Power. Currently paying
Electricity 27.847 per unit and 36.110 SC.
Gas is 6.994 per unit and SC is 25.920.

The one year fix being offered is-:
Electricity 53.31 per unit. SC  32.31 per day
Gas is 17.09 per unit and SC is 21.46

My usage is Gas 5338 units per year Electricity 1153 units per year.
What do you suggest I do, fix or stay on the price cap??
Thank you 

The rates offered are more than worst case scenario currently predicted for October, most likely also higher than January, so I would stick with SVT.

Shabbycat

pochase said:

Shabbycat said:

Sorry to jump in but I have exactly the same question as my fix ended in June.
I’m with Scottish Power. Currently paying
Electricity 27.847 per unit and 36.110 SC.
Gas is 6.994 per unit and SC is 25.920.

The one year fix being offered is-:
Electricity 53.31 per unit. SC  32.31 per day
Gas is 17.09 per unit and SC is 21.46

My usage is Gas 5338 units per year Electricity 1153 units per year.
What do you suggest I do, fix or stay on the price cap??
Thank you 

The rates offered are more than worst case scenario currently predicted for October, most likely also higher than January, so I would stick with SVT.

Thanks for your reply. I’ll stick where I am.

Mstty

(Source Cornwall Insights)

Best guesstimate price per kWh taking into account £100 yearly standing charge for gas and £170 standing charge for electricity.

Regional variations will apply

Oct 2022

Gas 14.5p kWh

Elec 46.5p kWh

Jan 2023

Gas 15.7p kWh

Elec 50.2p kWh

Apr 2023

Gas 16.3p kWh

Elec 51.9p kWh

Jul 2023

Gas 15.4p kWh

Elec 49.9p kWh

Oct 2023

Gas 15.2p kWh

Elec 47.6p kWh