Energy price cap freeze on a fixed tariff

ElizaSue

deano2099 said:

ElizaSue said:

I'm in the same situation with EDF that has dual fuel exit fees of £300 (24 month fix).  I didn't envisage that the Government would freeze the energy cap.  I thought they would increase benefits for poorer households.  I have now gone from feeling reasonably comfortable that I could pay my energy bills to rather concerned that I'll be paying much more than if I had stayed on the variable rate.  If the energy cap is frozen, then for me the tables will have turned because I'll be losing out big time.

While that's fair, the crucial thing is that you "feel reasonably comfortable that you can pay your energy bills" - that doesn't change (unless they ditch the £400) as your price doesn't change. Are you now getting a worse deal compared to other people? Yes. But you can surely see that other people not on a fix could use exactly the same argument in reverse: that they'd have been paying much more than people in your position.

I'll reserve judgement on that comment as it seems like a criticism that I decided to take out a fixed contract.

Astria

ElizaSue said:

deano2099 said:

ElizaSue said:

I'm in the same situation with EDF that has dual fuel exit fees of £300 (24 month fix).  I didn't envisage that the Government would freeze the energy cap.  I thought they would increase benefits for poorer households.  I have now gone from feeling reasonably comfortable that I could pay my energy bills to rather concerned that I'll be paying much more than if I had stayed on the variable rate.  If the energy cap is frozen, then for me the tables will have turned because I'll be losing out big time.

While that's fair, the crucial thing is that you "feel reasonably comfortable that you can pay your energy bills" - that doesn't change (unless they ditch the £400) as your price doesn't change. Are you now getting a worse deal compared to other people? Yes. But you can surely see that other people not on a fix could use exactly the same argument in reverse: that they'd have been paying much more than people in your position.

I'll reserve judgement on that comment as it seems like a criticism that I decided to take out a fixed contract.

My decision was simply "I'll be paying more between Oct - Dec but hopefully less come January and making a good saving come April", but I've a feeling that is going to be changed come Thursday, but even if it does I won't be changing my fixed rate until October 1st, just in case.

[Deleted User]

ElizaSue said:

deano2099 said:

ElizaSue said:

I'm in the same situation with EDF that has dual fuel exit fees of £300 (24 month fix).  I didn't envisage that the Government would freeze the energy cap.  I thought they would increase benefits for poorer households.  I have now gone from feeling reasonably comfortable that I could pay my energy bills to rather concerned that I'll be paying much more than if I had stayed on the variable rate.  If the energy cap is frozen, then for me the tables will have turned because I'll be losing out big time.

While that's fair, the crucial thing is that you "feel reasonably comfortable that you can pay your energy bills" - that doesn't change (unless they ditch the £400) as your price doesn't change. Are you now getting a worse deal compared to other people? Yes. But you can surely see that other people not on a fix could use exactly the same argument in reverse: that they'd have been paying much more than people in your position.

I'll reserve judgement on that comment as it seems like a criticism that I decided to take out a fixed contract.

Not a criticism, just a statement of fact.  You felt comfortable with a fix at that level until you discovered that now you might not be better off as you previously calculated.

Your judgement, based on the facts available to you at that time, is not in question.

Now the facts available have changed, you can make another decision, but it doesn't make your old decision wrong.

ElizaSue

[Deleted User] said:

ElizaSue said:

deano2099 said:

ElizaSue said:

I'm in the same situation with EDF that has dual fuel exit fees of £300 (24 month fix).  I didn't envisage that the Government would freeze the energy cap.  I thought they would increase benefits for poorer households.  I have now gone from feeling reasonably comfortable that I could pay my energy bills to rather concerned that I'll be paying much more than if I had stayed on the variable rate.  If the energy cap is frozen, then for me the tables will have turned because I'll be losing out big time.

While that's fair, the crucial thing is that you "feel reasonably comfortable that you can pay your energy bills" - that doesn't change (unless they ditch the £400) as your price doesn't change. Are you now getting a worse deal compared to other people? Yes. But you can surely see that other people not on a fix could use exactly the same argument in reverse: that they'd have been paying much more than people in your position.

I'll reserve judgement on that comment as it seems like a criticism that I decided to take out a fixed contract.

Not a criticism, just a statement of fact.  You felt comfortable with a fix at that level until you discovered that now you might not be better off as you previously calculated.

Your judgement, based on the facts available to you at that time, is not in question.

Now the facts available have changed, you can make another decision, but it doesn't make your old decision wrong.

I didn't say my decision was wrong.  When I said I felt reasonably comfortable, I meant that I could just afford it.  Given that the fixed tariff is three times more than I was paying before, it's not ideal.  I'm not wealthy and could be doing with the money to pay for the increased cost of groceries, etc. but now I may be "punished" for being proactive.  However, I'll wait and see what happens tomorrow.

ElizaSue

Astria said:

ElizaSue said:

deano2099 said:

ElizaSue said:

I'm in the same situation with EDF that has dual fuel exit fees of £300 (24 month fix).  I didn't envisage that the Government would freeze the energy cap.  I thought they would increase benefits for poorer households.  I have now gone from feeling reasonably comfortable that I could pay my energy bills to rather concerned that I'll be paying much more than if I had stayed on the variable rate.  If the energy cap is frozen, then for me the tables will have turned because I'll be losing out big time.

While that's fair, the crucial thing is that you "feel reasonably comfortable that you can pay your energy bills" - that doesn't change (unless they ditch the £400) as your price doesn't change. Are you now getting a worse deal compared to other people? Yes. But you can surely see that other people not on a fix could use exactly the same argument in reverse: that they'd have been paying much more than people in your position.

I'll reserve judgement on that comment as it seems like a criticism that I decided to take out a fixed contract.

My decision was simply "I'll be paying more between Oct - Dec but hopefully less come January and making a good saving come April", but I've a feeling that is going to be changed come Thursday, but even if it does I won't be changing my fixed rate until October 1st, just in case.

Yes, I agree.

[Deleted User]

ElizaSue said:

[Deleted User] said:

ElizaSue said:

deano2099 said:

ElizaSue said:

I'm in the same situation with EDF that has dual fuel exit fees of £300 (24 month fix).  I didn't envisage that the Government would freeze the energy cap.  I thought they would increase benefits for poorer households.  I have now gone from feeling reasonably comfortable that I could pay my energy bills to rather concerned that I'll be paying much more than if I had stayed on the variable rate.  If the energy cap is frozen, then for me the tables will have turned because I'll be losing out big time.

While that's fair, the crucial thing is that you "feel reasonably comfortable that you can pay your energy bills" - that doesn't change (unless they ditch the £400) as your price doesn't change. Are you now getting a worse deal compared to other people? Yes. But you can surely see that other people not on a fix could use exactly the same argument in reverse: that they'd have been paying much more than people in your position.

I'll reserve judgement on that comment as it seems like a criticism that I decided to take out a fixed contract.

Not a criticism, just a statement of fact.  You felt comfortable with a fix at that level until you discovered that now you might not be better off as you previously calculated.

Your judgement, based on the facts available to you at that time, is not in question.

Now the facts available have changed, you can make another decision, but it doesn't make your old decision wrong.

I didn't say my decision was wrong.  When I said I felt reasonably comfortable, I meant that I could just afford it.  Given that the fixed tariff is three times more than I was paying before, it's not ideal.  I'm not wealthy and could be doing with the money to pay for the increased cost of groceries, etc. but now I may be "punished" for being proactive.  However, I'll wait and see what happens tomorrow.

If you buy something in the supermarket, and then the next week when you go in it is on sale, do you also feel like you are being "punished"?

I mean, I get the sentiment that people feel the goalposts have been moved, but as layperson in the area of psychology it just seems a little like people are upset that someone else "wins" rather than them. 

The_Green_Hornet

[Deleted User] said:

ElizaSue said:

[Deleted User] said:

ElizaSue said:

deano2099 said:

ElizaSue said:

I'm in the same situation with EDF that has dual fuel exit fees of £300 (24 month fix).  I didn't envisage that the Government would freeze the energy cap.  I thought they would increase benefits for poorer households.  I have now gone from feeling reasonably comfortable that I could pay my energy bills to rather concerned that I'll be paying much more than if I had stayed on the variable rate.  If the energy cap is frozen, then for me the tables will have turned because I'll be losing out big time.

While that's fair, the crucial thing is that you "feel reasonably comfortable that you can pay your energy bills" - that doesn't change (unless they ditch the £400) as your price doesn't change. Are you now getting a worse deal compared to other people? Yes. But you can surely see that other people not on a fix could use exactly the same argument in reverse: that they'd have been paying much more than people in your position.

I'll reserve judgement on that comment as it seems like a criticism that I decided to take out a fixed contract.

Not a criticism, just a statement of fact.  You felt comfortable with a fix at that level until you discovered that now you might not be better off as you previously calculated.

Your judgement, based on the facts available to you at that time, is not in question.

Now the facts available have changed, you can make another decision, but it doesn't make your old decision wrong.

I didn't say my decision was wrong.  When I said I felt reasonably comfortable, I meant that I could just afford it.  Given that the fixed tariff is three times more than I was paying before, it's not ideal.  I'm not wealthy and could be doing with the money to pay for the increased cost of groceries, etc. but now I may be "punished" for being proactive.  However, I'll wait and see what happens tomorrow.

If you buy something in the supermarket, and then the next week when you go in it is on sale, do you also feel like you are being "punished"?

I mean, I get the sentiment that people feel the goalposts have been moved, but as layperson in the area of psychology it just seems a little like people are upset that someone else "wins" rather than them. 

Sadly there is also a whiff on here of some people being happy that someone else "loses".

Its the world we live in I suppose.

Tallulah9360

All the talk about the cap freeze is for gas and electric combined. We have oil heating (no cap) and have fixed our electricity price. I can't even begin to work out whether we will be better or worse off with the fix if the cap is frozen. I hope they are going to give us a split of the new cap between the two so that I can work out whether the electricity fix is worthwhile or not. And of course they will just ignore heating oil costs as usual, which were 4 times 2020 prices last winter.

Mstty

ElizaSue said:

[Deleted User] said:

ElizaSue said:

deano2099 said:

ElizaSue said:

I'm in the same situation with EDF that has dual fuel exit fees of £300 (24 month fix).  I didn't envisage that the Government would freeze the energy cap.  I thought they would increase benefits for poorer households.  I have now gone from feeling reasonably comfortable that I could pay my energy bills to rather concerned that I'll be paying much more than if I had stayed on the variable rate.  If the energy cap is frozen, then for me the tables will have turned because I'll be losing out big time.

While that's fair, the crucial thing is that you "feel reasonably comfortable that you can pay your energy bills" - that doesn't change (unless they ditch the £400) as your price doesn't change. Are you now getting a worse deal compared to other people? Yes. But you can surely see that other people not on a fix could use exactly the same argument in reverse: that they'd have been paying much more than people in your position.

I'll reserve judgement on that comment as it seems like a criticism that I decided to take out a fixed contract.

Not a criticism, just a statement of fact.  You felt comfortable with a fix at that level until you discovered that now you might not be better off as you previously calculated.

Your judgement, based on the facts available to you at that time, is not in question.

Now the facts available have changed, you can make another decision, but it doesn't make your old decision wrong.

I didn't say my decision was wrong.  When I said I felt reasonably comfortable, I meant that I could just afford it.  Given that the fixed tariff is three times more than I was paying before, it's not ideal.  I'm not wealthy and could be doing with the money to pay for the increased cost of groceries, etc. but now I may be "punished" for being proactive.  However, I'll wait and see what happens tomorrow.

Your decision was right at the time with the information to hand. 

You have put in effort that others have not having done all that hard work and sums and stress that it causes being so much of the household budget.(sleepless nights for many taking these 2-3x higher per month fixes)

As you say let's see what tomorrow brings but you certainly don't deserve others twisting your words on here to suit their rhetoric.

ElizaSue

Deleted_User said:

ElizaSue said:

Deleted_User said:

ElizaSue said:

deano2099 said:

ElizaSue said:

I'm in the same situation with EDF that has dual fuel exit fees of £300 (24 month fix).  I didn't envisage that the Government would freeze the energy cap.  I thought they would increase benefits for poorer households.  I have now gone from feeling reasonably comfortable that I could pay my energy bills to rather concerned that I'll be paying much more than if I had stayed on the variable rate.  If the energy cap is frozen, then for me the tables will have turned because I'll be losing out big time.

While that's fair, the crucial thing is that you "feel reasonably comfortable that you can pay your energy bills" - that doesn't change (unless they ditch the £400) as your price doesn't change. Are you now getting a worse deal compared to other people? Yes. But you can surely see that other people not on a fix could use exactly the same argument in reverse: that they'd have been paying much more than people in your position.

I'll reserve judgement on that comment as it seems like a criticism that I decided to take out a fixed contract.

Not a criticism, just a statement of fact.  You felt comfortable with a fix at that level until you discovered that now you might not be better off as you previously calculated.

Your judgement, based on the facts available to you at that time, is not in question.

Now the facts available have changed, you can make another decision, but it doesn't make your old decision wrong.

I didn't say my decision was wrong.  When I said I felt reasonably comfortable, I meant that I could just afford it.  Given that the fixed tariff is three times more than I was paying before, it's not ideal.  I'm not wealthy and could be doing with the money to pay for the increased cost of groceries, etc. but now I may be "punished" for being proactive.  However, I'll wait and see what happens tomorrow.

If you buy something in the supermarket, and then the next week when you go in it is on sale, do you also feel like you are being "punished"?

I mean, I get the sentiment that people feel the goalposts have been moved, but as layperson in the area of psychology it just seems a little like people are upset that someone else "wins" rather than them. 

While I can see your argument, in my view supermarket shopping is not comparable with paying for energy.  I am not a psychologist or a financial expert, but I am simply trying to do my best to live on a fixed income and MAY BE about to get a "slap in the face" from the Government.  I am not saying that other people should not benefit from the Government taking action, and it should not be a case of winners and losers, but I hope the Government will consider those of us who took out fixed contracts and may have to pay £300 to get out of them.  I'll wait and see what happens.