Do I switch to fixed deal?

flopsy1973

Hi 
Hoping for some help here currently paying approx £1810 for gas and electric this will go up to £ 3190 on October price cap.
Thought the site had quote off Ebico for fixed 12 month deal at £4239.
Considering the price cap ginger up further 50% possibly in Jan and further do I go for this fix now.? 
What are others doing in this position. 
When are the government going to step in and cap the energy firms profits in this awful situation 

pochase

The government has done that already some years ago. The profit is capped at 1.9% for SVT.

And there is a Ofgem consultation to further reduce the profit which started last Friday.

macman

There are no 'supplier profits': 29 have gone bust in a year.! The profits are being made at the wholesale end of the market by entirely different companies: the producers.

flopsy1973

Sorry that's who I meant the producers wrong phrase.
So what abut this deal does it make sense ? 

Krakkkers

Would you run a business with 1.9% profit?, may as well sell up and put the money in a bond paying 3.5 %.

pochase

flopsy1973 said:

Sorry that's who I meant the producers wrong phrase.
So what abut this deal does it make sense ? 

What are the unit rates offered to you. What is your annual usage?

Most of the biggest producers are not even UK companies, and even if, their profits are global profits, and not just made here in the UK. 
Many made big losses in the last years. Are you suggesting you want to pay them back the losses also?

CheekyMikey

I have gambled on a 12 month fix, and fixed my electric from October at 64p per kWh which is about 20% above the October 52p cap. If prices go up as forecast in January and April next year then I win…if govt intervene to hold prices then I lose, although I can exit for a fee if the sums added up. My own personal opinion is the govt won’t do anything to freeze prices but might provide more assistance for low earners and businesses, neither of which will help me

flopsy1973

pochase said:

flopsy1973 said:

Sorry that's who I meant the producers wrong phrase.
So what abut this deal does it make sense ? 

What are the unit rates offered to you. What is your annual usage?

Most of the biggest producers are not even UK companies, and even if, their profits are global profits, and not just made here in the UK. 
Many made big losses in the last years. Are you suggesting you want to pay them back the losses also?

The new rates offered are electric 74.6 KWH standing charge 47.3
                                          gas 19.8 KWH standing charge 27.2
my annual use is approx 2884 KWH electric and gas 9171 KWH

I am also looking at the utility warehouse fix but i do have to take 2 other services with that as it seems to be cheaper maybe?
any feedback on this from anyone?

[Deleted User]

I get that as approximately £4100 from Sept to Aug on the SVT cap prediction and £4240 on the fixed offer.

All depends how close you think the cap predictions are (and they change every few days), and how much your usage matches the average curve month-by-month.

pochase

For your usage UW might work.

You need to add two additional services, £12 Sim, and not sure if it was £14 or £16 insurance, so the cost on top of their rate is 12*£28.

It works out for high users only. What rates have been offered?

Spoonie_Turtle

flopsy1973 said:

pochase said:

flopsy1973 said:

Sorry that's who I meant the producers wrong phrase.
So what abut this deal does it make sense ? 

What are the unit rates offered to you. What is your annual usage?

Most of the biggest producers are not even UK companies, and even if, their profits are global profits, and not just made here in the UK. 
Many made big losses in the last years. Are you suggesting you want to pay them back the losses also?

The new rates offered are electric 74.6 KWH standing charge 47.3
                                          gas 19.8 KWH standing charge 27.2
my annual use is approx 2884 KWH electric and gas 9171 KWH

I am also looking at the utility warehouse fix but i do have to take 2 other services with that as it seems to be cheaper maybe?
any feedback on this from anyone?

Octopus seems to be slightly cheaper than those rates at the moment.  Check what Octopus 12M Fixed August 2022 v1 rates are for your postcode: https://octopus.energy/tariffs/
Put your postcode in and scroll down, you can also enable filters (domestic and fixed).
 
They may not be accepting new customers as they're currently working out what to do with their prices, but worth mentioning just in case you did want to try.