Energy price cap freeze on a fixed tariff

xzibit

MuckChucker said:

CRISPIANNE3 said:

Inigo_Montoya said:

SteveCooper said:

If a customer requests to move from their fixed contract onto the soon to be announced (£2500) price capped SVT but stays with the same supplier will they be  subject to an exit fees or would that only apply if they actually moved to another supplier ?

or is the answer “ Dont know “ 🤷‍♂️

Answer is its supplier dependant e.g. in my case, British Gas, they only charge if I leave them

It may even be specific tariff dependant too but I suspect a given supplier will tend to use the same terms across tariffs

Just hoping they actually allow me back onto the SVR as I am not sure they are obliged to do so - maybe someone has an answer for that question

I went  on a fix rate with BG in June and they allowed me today to go back on the SVR one with no penalty.

I went on a fix with BG about 6 weeks ago (finally gave up on government intervention and the Jan '23 predictions were downright scary!) but yeah, just had a quick exchange on the chat (started at 140 in the queue, busy day for them) and I'm now back on SVT. I even asked for confirmation about exit fee and they said it doesn't apply.

Ditto. 

We fixed with BG mid August as the predictions were scary and unaffordable for us. I’ve just changed back the the SVT through the chat function. No penalty (apart from paying 3x the SVT for the past 4 weeks). 

payless

So I have paid above SvT for last few months to fix long term, as I saw it my responsibility to deal with the issue.  Of course now I will take a share of the pain in future taxation.

My fixed unit price will likely be just below the new govt freeze, so better to keep it, but wonder if they should drop my price to reflect the change in green levy ( I know the answer) 

The_Green_Hornet

sienew said:

The_Green_Hornet said:

michaels said:

sienew said:

foxmeister said:

Sounds like if you’ve signed up for a fixed deal during the past 6 months you’re fcked ….

No. They are removing exit fees if you move to the new government backed tariff.

Only those who paid above the April cap in the hopes of saving on the October cap will lose out but there was no chance the government would ever do anything for them. Hopefully most didn't significantly over pay.

Is that in writing somewhere?

Nothing has been officially published as of yet.

Given it was specifically said to Martin Lewis by the Secretary of State for Business and energy suppliers seem to be briefing this to other news outlets it seems highly likely to be the case.

The suppliers will actually make more money if most people on switches go to the SVT so it always made sense that they would allow this.

That is assuming that Mr. Lewis and the news outlets have fully understood what has been briefed to them 

I prefer to wait for the official publication.

MuckChucker

xzibit said:

MuckChucker said:

CRISPIANNE3 said:

Inigo_Montoya said:

SteveCooper said:

If a customer requests to move from their fixed contract onto the soon to be announced (£2500) price capped SVT but stays with the same supplier will they be  subject to an exit fees or would that only apply if they actually moved to another supplier ?

or is the answer “ Dont know “ 🤷‍♂️

Answer is its supplier dependant e.g. in my case, British Gas, they only charge if I leave them

It may even be specific tariff dependant too but I suspect a given supplier will tend to use the same terms across tariffs

Just hoping they actually allow me back onto the SVR as I am not sure they are obliged to do so - maybe someone has an answer for that question

I went  on a fix rate with BG in June and they allowed me today to go back on the SVR one with no penalty.

I went on a fix with BG about 6 weeks ago (finally gave up on government intervention and the Jan '23 predictions were downright scary!) but yeah, just had a quick exchange on the chat (started at 140 in the queue, busy day for them) and I'm now back on SVT. I even asked for confirmation about exit fee and they said it doesn't apply.

Ditto. 

We fixed with BG mid August as the predictions were scary and unaffordable for us. I’ve just changed back the the SVT through the chat function. No penalty (apart from paying 3x the SVT for the past 4 weeks). 

Yeah, I class it as a necessary expense given the info at the time, I wouldn't dwell on it tbh - my monthly payments hadn't actually changed yet but obviously any built up credit will have been nibbled at for the last few weeks.

Mike360

There will be regional variations to unit price and standing charge in relation to today's announcement as well most probably.

nekr0mantik

Yeah we still don't know unit prices as the 2500 seems to be for both electric and gas. Is it a 50/50 split or different etc 

bristolleedsfan

IMPORTANT FIXED TARIFF INFO: I'm hearing fixed tariffs will have the same unit rate reduction as variable tariffs (ie roughly 30% off). So it looks like, unless you fixed at over the new Oct price cap level, your fix will be cheaper than moving to variable. More to check on this

https://twitter.com/MartinSLewis/status/1567867158201339904

MWT

bristolleedsfan said:

IMPORTANT FIXED TARIFF INFO: I'm hearing fixed tariffs will have the same unit rate reduction as variable tariffs (ie roughly 30% off). So it looks like, unless you fixed at over the new Oct price cap level, your fix will be cheaper than moving to variable. More to check on this

I'm going to wait for a lot more detail on that one before assuming that is as straight forward as it has been put..

Leew89

bristolleedsfan said:

IMPORTANT FIXED TARIFF INFO: I'm hearing fixed tariffs will have the same unit rate reduction as variable tariffs (ie roughly 30% off). So it looks like, unless you fixed at over the new Oct price cap level, your fix will be cheaper than moving to variable. More to check on this

https://twitter.com/MartinSLewis/status/1567867158201339904

Interesting.

My current fixed rate of 19p kWh electricity and 3.7p kWh gas runs until 01/10. Wonder if that means I get 30% reduction on that rate ...

EDIT: Ignore me. I would default to the standard rate a day later anyway!

MWT

Important addition...