Tariffs - Should I stay or should I go?

Cmdr_Bond

Well 🤬, January's price cap is now predicted to rise from 31% to 51%...

https://mobile.twitter.com/MartinSLewis/status/1563060581162434560

That changes my calculations, based on the figures above...

Gas now becomes £1,677.34 and Electric £4,311.22, totalling £5,988.44.

That's £600 over the V20 based on my calculations.

Considering the January cap estimate has already changed by +20%, I think it's time to get on the phone, V20 is still on the website

Cmdr_Bond

I've fixed.

The V20 was still available this morning, but only to EXISTING customers.

V21 is what is available to NEW customers.

There's no exit fee either, so if I want to switch back to variable at any point, I can go onto that tariff (whatever it might be) without penalty.

Cmdr_Bond

The article I linked to in the OP is now saying +80%, +52%, +23%, -11%

So that changes the prices again...

Gas £1,737.56, Electric £4,505.91, Total £6,243.27 - £900 over V20!

sienew

Cmdr_Bond said:

The article I linked to in the OP is now saying +80%, +52%, +23%, -11%

So that changes the prices again...

Gas £1,737.56, Electric £4,505.91, Total £6,243.27 - £900 over V20!

Future predictions aren't very accurate. For example, 3 months ago Cornwall Insights were predicting todays increase was going to be around 30% rather than the 80% it turned out to be.

Cmdr_Bond

sienew said:

Cmdr_Bond said:

The article I linked to in the OP is now saying +80%, +52%, +23%, -11%

So that changes the prices again...

Gas £1,737.56, Electric £4,505.91, Total £6,243.27 - £900 over V20!

Future predictions aren't very accurate. For example, 3 months ago Cornwall Insights were predicting todays increase was going to be around 30% rather than the 80% it turned out to be.

Indeed, and last night January was 31%, now it's 52%.

So, while prices CAN go down, it's more likely in the current situation that they're going to go up.

There's every possibility that by December, January's prediction could have risen again.

It's that rise in January's prediction that forced my hand to fix.  I'm not happy with it, as my direct debit has increased by about 150%, but I fear it would be much higher by this time next year if I hadn't.

Cmdr_Bond

And BOOM - I've just reverted my tariff back to the Flex.  

The guy at E.on said that even if I had waited until being contacted about the freeze, they would have backdated the rates to when I fixed my tariff.  

But I decided as I was paying the much cheaper rate from April, I was better to cancel the Fix now, and then make a decision on fix vs flex once they email me with the new prices.