Offered a fix at over double my current SVT... advice please

Floss

I'm currently on SVT with Shell, paying £100 / m. I have been offered a 12m fix with Octopus at £212 / m.

What would you do?

Mstty

I would get to know my figures

You should only really be talkin gin kWh usage and price per kWh and not pounds and pence.

Get your annual usage and compare to the following prediction

Floss

Thanks for that detail, will do my sums based on that.

SAC2334

Or hang on until Friday 26 August  when the true Oct 1 st cap is announced 

Mstty

I just realised I typed gin kWh. Maybe gin is cheaper as we move in 2023 that energy🤣🤣

pochase

SAC2334 said:

Or hang on until Friday 26 August  when the true Oct 1 st cap is announced 

Take the fix now. Do your numbers and wait for the announcement of the cap on Friday.

You have a cool off period and can decide what to do without losing anything.

If you wait the fix might begone and replaced with a more expensive one.

Astria

SAC2334 said:

Or hang on until Friday 26 August  when the true Oct 1 st cap is announced 

But fixed rates may be removed from sale before that date... You always the 14 days cooling off period but don't forget the January and April hikes next year too.

xzibit

Look at the unit rates and your usage and calculate. 

I've fixed at what I think is a silly rate G-17.391 and E-63.146, however doing the calculations over the next 12 months based upon the CI predictions 22/8/22 we would save about £350 in the next year by staying on the fixed rate. And we are relatively light users compared to many (G-8200 E-2100) based on the past 12 months.

SAC2334

Astria said:

SAC2334 said:

Or hang on until Friday 26 August  when the true Oct 1 st cap is announced 

But fixed rates may be removed from sale before that date... You always the 14 days cooling off period but don't forget the January and April hikes next year too.

I live in hope that , Putin gets removed or comes  to terms with Ukraine at least for winter  and energy prices fall drastically  or the Government lavish more help for SVT users  

Those on fixes may not be able to leave without paying £200 exit fee s.
 The peaks look to be around 67 p /kwh electric and 18 p /kwh for gas so a fix would need to be a lot lower than that for me to leave the SVT

.Doing your sums without a crystal ball seems a rash idea 

.Personally I m sticking with SVT and looking forward to the battle with winter and how I m not going to be using anything like my usual wasteful amounts of energy I did .

 I m in training now and without doing much other than not being wastefull  I m down to 3.8 kwh s of electric a day 
If I m not using it they can charge what they like .

Janie2008

SAC2334 said:

Astria said:

SAC2334 said:

Or hang on until Friday 26 August  when the true Oct 1 st cap is announced 

But fixed rates may be removed from sale before that date... You always the 14 days cooling off period but don't forget the January and April hikes next year too.

I live in hope that , Putin gets removed or comes  to terms with Ukraine at least for winter  and energy prices fall drastically  or the Government lavish more help for SVT users  

Those on fixes may not be able to leave without paying £200 exit fee s.
 The peaks look to be around 67 p /kwh electric and 18 p /kwh for gas so a fix would need to be a lot lower than that for me to leave the SVT

.Doing your sums without a crystal ball seems a rash idea 

.Personally I m sticking with SVT and looking forward to the battle with winter and how I m not going to be using anything like my usual wasteful amounts of energy I did .

 I m in training now and without doing much other than not being wastefull  I m down to 3.8 kwh s of electric a day 
If I m not using it they can charge what they like .

Some of the forecasts are a lot higher than that. New one today at £6500 for some point next year.

pochase

Current peeks are 76p and 24p for CI. £1.015  and 28.5p for Auxilione.

Even in this thread the new CI data has been already posted by @Mstty