BG Fixed tariff: any good? almost double what I'm paying now

dkayuk

hi all

apologies if this has been asked a zillion times... I'm a single person household, small flat, my gas usage is fairly limited as I'm happy with cool temperatures.  

They are offering the fixed tariff below to "protect me" from the impending price rises, it just seems a bit steep.  I have so far just stayed on the variable tariff, mostly out of laziness.

If I am understanding this correctly, they are saying that Gas prices will more than double.

My electric is not with BG, this tariff is ONLY for GAS.

Is this a good offer or a rip off?

thanks
DK

From BG email

Your current tariff Standard £546.99* Your estimated annual cost is based on your 5579kWh gas usage per year Based on paying by Cash/cheque Gas: £546.99 Standing charge: 32.032p per day Unit rate: 7.710p per kWh

Fixing your prices Fixed Oct 23v3 £1007.74* Your estimated annual cost is based on your 5579kWh gas usage per year Based on paying by Cash/cheque Fixed price energy until 31st October 2023** Exit fees of £100.00 per fuel if you switch to another supplier. No exit fees for switching to another British Gas tariff. Gas: £1007.74 Standing charge: 29.292p per day Unit rate: 16.147p per kWh

pochase

As per current predictions the 16.147p per KWh will only be exceeded in April 2023, so after the heating period.

So as war as we guess today you will be better off staying on the SVT.

But that still means that your gas bill will nearly double, and at the moment everything is base don predictions, in 2.5 weeks we will get the new cap for October, but comes after that is guesswork until November.

puddsykit

I would say no. Most of your gas use will be in the october to january period. Gas is estimated to be around 14.52 p for the october price cap. You will be overpaying in the months where you use most of your gas.