Tariffs - Should I stay or should I go?

Cmdr_Bond

Ok, first off I realise that switching provider probably isn't wise right now.

I'm currently with E.on Next and am on their Next Flex tariff.

I haven't called them about fixing it yet, but looking at their published current tariffs, one appears borderline, the other WAAAAY to expensive, according to the calculator in Martin's article (https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/ )

E.on Next's Tarrifs are here (https://www.eonnext.com/tariff-search ), but I'll list their current tariffs that would affect me below.  Interestingly the standing charge doesn't change between them.

I'm dual fuel direct debit.

Based on my current tariff, my estimated annual bill is

Gas £744.88 Electric £1812.60

Which, if my calculations are right suggests an annual usage of

Gas 8,630.08 kWh - Electric 5,812.43 kWh 

Standing charges

Gas £0.2722/day - Electric £0.4339/day

Tariffs

Next Flex (Current)
Gas £0.0748/kWh - Electric £0.2846/kWh 

Next Online v20 (unknown if fixed)

Gas £0.1696/kWh (+126.738%) - Electric £0.6770/kWh (+137.878%)

Next 1 Year v21

Gas £0.2073/kWh (+177.139%) - Electric £0.8327/kWh (192.586%)

Do my maths look right?

Should I switch to the V20 (if offered, and if fixed) - or should I stay where I am?

Astria

It's a gamble at those prices, it looks like you'll lose out during October - December, but you might break even in January when the prices are predicted to go up again. How much gas and electric do you use during October - December? You need to calculate how much extra it'll cost you during that time compared to how much you could save next year.

jimjames

Cmdr_Bond said:

Ok, first off I realise that switching provider probably isn't wise right now.

Just to clarify that. Even if wise it probably isn't possible. The number of suppliers accepting new customers is very small.

Cmdr_Bond

Astria said:

It's a gamble at those prices, it looks like you'll lose out during October - December, but you might break even in January when the prices are predicted to go up again. How much gas and electric do you use during October - December? You need to calculate how much extra it'll cost you during that time compared to how much you could save next year.

I'll go through my older bills and take a look when I get chance

pochase

When you had a chance to go through your bills, the Online V20 might be gone. I doubt it will survive tomorrow depending on the cap announcement. Online V20 is a fixed tariff.

If you are interested fix it now and than go looking for your bills during the 14 days cool off. 

gregbed

I renewed to Online V20 but doesn't take effect until 8th October. How do I cancel to go to the default variable tariff?

macman

If you are within the 14 days, contact the supplier and cancel your switch.

[Deleted User]

gregbed said:

I renewed to Online V20 but doesn't take effect until 8th October. How do I cancel to go to the default variable tariff?

What's making you want to cancel?

gregbed

[Deleted User] said:

gregbed said:

I renewed to Online V20 but doesn't take effect until 8th October. How do I cancel to go to the default variable tariff?

What's making you want to cancel?

Nothing yet just wondering how I would do it as I can't seem to online anymore.

Cmdr_Bond

I haven't had chance to go through my bills yet, that's going to take a while to digest them and get them right.  But based on some quick maths, I think I'll risk staying on the variable...

So first things first, I'm not including the standing charges, as they don't change over the tariffs listed above.

As for my energy use, I'm using the figures above for the annual usage.  Spreading out over the quarters, the electricity is probably the same across all of them.  Gas, however, will be higher during the colder months, so I'm saying 2/8, 3/8, 2/8, and 1/8 for the quarters starting October, December, April, and July respectively.

Based on that, I'll go through the 3  current tariffs first (treating the Flex as if it were fixed), then I'll do the Flex plus caps.

I believe my annual usage is around 8,630 kWh for the gas, and 5,812 kWh for electric.  Ignoring the standing charges, as mentioned above, and assuming the Flex tariff is fixed, then the following is how the 3 current tariffs measure up...  (Gas/Elec/Total)

£645.52/£1,654.12/£2,299.64 - Next Flex

£1,463.65/£3,934.72/£5,398.37 - Next Online V20
£1,788.99/£4,839.64/£6,628.63 - Next 1 Year V21

Taking the Flex account and applying the cumulative cap changes of +80%, +31%, +15%, and -11% I get

Gas

£290.49+£570.80+£437.62+£194.74=£1,493.65

Electric

£744.34+£975.09+£1,121.35+£998.00=£3,838.78

Combined total £5,332.43

That's around £60 less than the V20 and £1,300 less than the V21!

Without actually analysing my bills forensically, I'm not going to know how far out I am, but if I've got my maths and estimates correct, I'm potentially better off staying where I am...

Cmdr_Bond

gregbed said:

[Deleted User] said:

gregbed said:

I renewed to Online V20 but doesn't take effect until 8th October. How do I cancel to go to the default variable tariff?

What's making you want to cancel?

Nothing yet just wondering how I would do it as I can't seem to online anymore.

You probably need to phone them to do that.