Low-ish Usage – Your Thoughts on Fixing?

Saga

Supplier: Scottish Power

Fuel: single, electricity

Annual consumption: 1800 kWh (i.e. low-ish)

Current tariff: SVT @ 28.02p/kWh + SC 42.24p/day

Fix offer: 1 Yr Green Flexi August 2023 M2 @ 52.09p/kWh + SC 42.24p/day

Worth fixing? Crystal ball gazing time, how realistic is anything below an 8% increase in Jan 2023?

Neil_Jones

Depends how much you value certainty.

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/ - "If you're offered a year's fix at no more than 70% above your current price-capped tariff, or 75% more if you very strongly value budgeting certainty, it's worth considering. ... If you want price certainty, the cheapest fixes now give you that, but you'll pay more in the short term. If in doubt though, there's nowt wrong with playing safe and sticking on the price cap."

As that rate is pretty much double (unit rate) what you're paying now, it's a bit outside the suggested range.  But may turn out to be a good decision.  Time will tell.

As for percentage range -  the above address seems to suggest the trend will be upwards for the next year at least, so whatever you move to will almost certainly be significantly higher than where you are now.

BUFF

Saga said:

Supplier: Scottish Power

Fuel: single, electricity

Annual consumption: 1800 kWh (i.e. low-ish)

Current tariff: SVT @ 28.02p/kWh + SC 42.24p/day

Fix offer: 1 Yr Green Flexi August 2023 M2 @ 52.09p/kWh + SC 42.24p/day

Worth fixing? Crystal ball gazing time, how realistic is anything below an 8% increase in Jan 2023?

afaik Green Flexi August 2023 M2  is a variable not fixed tariff - just that the prices change on a quarterly basis.

elsien

Not fully fixed. https://www.scottishpower.co.uk/flexi

Looks like there’s a hefty exit fee as well. 

Saga

BUFF said:

Saga said:

Supplier: Scottish Power

Fuel: single, electricity

Annual consumption: 1800 kWh (i.e. low-ish)

Current tariff: SVT @ 28.02p/kWh + SC 42.24p/day

Fix offer: 1 Yr Green Flexi August 2023 M2 @ 52.09p/kWh + SC 42.24p/day

Worth fixing? Crystal ball gazing time, how realistic is anything below an 8% increase in Jan 2023?

afaik Green Flexi August 2023 M2  is a variable not fixed tariff - just that the prices change on a quarterly basis.

Thanks BUFF. Missed that despite the "Flexi" in the name and documentation - doh!!

The flexi costs make up around 13% and 57% of the current unit rate and standing charge respectively. Applying the forecast/predicted increases to September 2023 to these flexible components (worse case scenario?) suggests I'd be be paying more than £105 compared to the SVT.

elsien said:

Not fully fixed. https://www.scottishpower.co.uk/flexi

Looks like there’s a hefty exit fee as well. 

The only vaguely positive thing about it is that it won't be applied if I were to exit to another tariff from the same supplier.

Arggh! This whole thing is so effed up.