fixed tariff changed overnight

Gavin78

I was looking at Eon and noticed on the 25th August the fixed price on my account was £351 soon as the government mentioned it was going up around 80% it changed the next day to £421. I'm not on a fixed rate I was just looking to see what they were offering.

can they actually do this bump it up with no reason before the cap has risen?

Chrysalis

Do you mean the DD payment amount?

There is no such thing as a fixed monthly price, many customers get confused here.

Dimanche_Prochain

Gavin78 said:

I was looking at Eon and noticed on the 25th August the fixed price on my account was £351 soon as the government mentioned it was going up around 80% it changed the next day to £421. I'm not on a fixed rate I was just looking to see what they were offering.

can they actually do this bump it up with no reason before the cap has risen?

Yes, they can change it a any time and for any reason.  Fixed tariffs are not capped.

[Deleted User]

If it's the monthly DD amount, then it's not "with no reason" - it's because the units that you will be spending that credit on will be more expensive.

If it's a tariff offer, then they can change what they are willing to offer you at any time until the moment you sign up.

Direct debit amount is not energy bill.

Price cap is not total cost cap.

Fixed tariff is per unit cost, not all-you-can-eat.

You would complain if they left it at £350 and then said "oops, you're now £1000 in debt, here come the bailiffs"

pochase

I think he means he was offered a fixed tariff and the offer was replaced with a new more expensive version.

Yes, they can offer and withdraw fixed tariffs as often as they like, even several times a day.

Same advise that has been given so often, if you consider a fixed tariff, take it and use the cool off to consider if you want it or not.

Gavin78

Sorry I guess I wasn't clear. I just went onto my account for a look a few days ago, I'm on just a standard tariff but I had a look at what the fixed price was and noticed it was £351.

This was the day before the 80% cap was announced. I looked again on Friday and noticed they had bumped it up to £421. I just think it's a big con not just the fact the price cap is going up but the companies themselves are creaming off it there was no reason to bump the fixed rate up.

What I suspect is they know in October my standard rate is going up to around £345 so to stop me from switching to a fixed tariff at £351 they've bumped it up.

Cost of living crisis and they are feeding off it

razord

They're not feeding off anything. They reassessed their fixed tariffs based on market conditions, which every energy company will do at least daily.

A fixed tariff offer has to end sometime. You just got unlucky by not accepting it when it was offered.

Vincero

The OP would probably find the tariff name was probably also slightly different - the providers generally don't change the tariffs without a tweak to the name in some way.

Keeping in mind they 1) actually have to budget / allocate costs to cover your supply requirements when taking on a new contract fix and 2) wholesale energy costs vary daily and this will impact 3) their projected costs for offering a 1 year fixed cost contract, I'm not surprised at all.
For example Scottish power were offering a fixed tariff a few weeks ago which they claimed would be available until end of September however it was subsequently withdrawn some days later - they also removed the options to fix for 2 years at almost the same identical rate.

There's a hint right there as to how long they expect the current wholesale pricing issue to persist.