I’m confused…..Advice please

Farway

TS1103 said:

Time to cancel at £295 fixed and move to a variable now they will be fixed for 2 years?

what’s the advice?

cheers everyone!

Sit tight & let the dust settle and more details become available for you to make a proper judgement

[Deleted User]

First off, ignore the £295.  That number doesn't matter for this comparison.

Secondly, Martin has indicated that there will be a unit price reduction on all fixed tariffs as well as the standard variable (what E.ON Next call Next Flex).

Until we know how this unit price reduction will work, and how big the reduction will be, we can't be sure what is best for you.

Based on what we know now, I think it's likely that Next Flex will be cheaper than V19 and about the same as V18, but there are still uncertainties.

TS1103

With the announced government cap does anyone know how much lower your new DD should be on average?

MattMattMattUK

TS1103 said:

With the announced government cap does anyone know how much lower your new DD should be on average?

How much lower than what, the previously expected rise? Hard to say exactly as it depends on split of fuels, area, usage etc. 

If you post your annual usage we can calculate your annual cost.

TS1103

My DD was £100 and I fixed at £295 so was wondering what to expect when they send through the new DD with the governments cap.

3500kw Electric 7500kw Gas

Thanks

[Deleted User]

TS1103 said:

My DD was £100 and I fixed at £295 so was wondering what to expect when they send through the new DD with the governments cap.

3500kw Electric 7500kw Gas

Thanks

If you are on a fixed tariff, you will not automatically be transferred to the EPG tariff. In some cases, those on a low price fix will want to retain their present tariff. Others on a much more expensive tariff will want to switch. According to ML, exit fees will not apply provided the switch is implemented no later than the 15th November (worth checking).

Which DNO region are you in as prices vary by region? What are your present tariff costs (ie; standing charges and unit prices)?

Mstty

TS1103 said:

My DD was £100 and I fixed at £295 so was wondering what to expect when they send through the new DD with the governments cap.

3500kw Electric 7500kw Gas

Thanks

Hi there if you fixed on the deal you posted on page 1 it is likely that the reduction due October 1st will mean you are paying over the price cap freeze price for electricity.

As that was a one year deal and I don't expect the Government to uturn on the support (no guarantees) then it would certainly be an option to revert to the Next Flex Eon Next standard variable rate(capped tariff).

That would be what I would do in your position.

TS1103

All my usage etc is on page 1.

That’s what I was thinking. Might be best to go to the standard variable tariff as the fixed might work out more expensive?

Is there any way to work out what the reduction would be as a percentage? Just so I know if EON come back with 10% less that what I fixed at and it should be around 30% I know to cancel.

DNO is SSE, I’m South East.

Mstty

TS1103 said:

All my usage etc is on page 1.

That’s what I was thinking. Might be best to go to the standard variable tariff as the fixed might work out more expensive?

Is there any way to work out what the reduction would be as a percentage? Just so I know if EON come back with 10% less that what I fixed at and it should be around 30% I know to cancel.

DNO is SSE, I’m South East.

The reduction is an actual pence reduction

17p electricity and 4.2p for gas down to the floor for your region and not below.

So that makes your gas close but probably still above the floor for your region but electricity higher than any floor.

https://www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022

philipbin

With a reduction of 17p for electricity and 4.2p for gas this puts your fixed rates at:

Gas: 15.07 - 4.20 = 10.87 (this rate is above the floor)

Elec: 61.54 - 17.00 = 44.54 (this rate is above the floor)

I don't know any EPG variable rates for EON

The average EPG variable rates for South East from the MSE Site are:

Gas: 10.29

Elec: 35.28

The EPG variable rates for South East from the EDF Site are:

Gas: 10.344

Elec: 35.98

Your choice