IMPORTANT NEWS FOR THOSE ON ENERGY FIXES

K2rool

Mobtr said:

K2rool said:

It's probably correct the rates are getting lowered only to the cap, in my own opinion it did sound a bit too good to be true with the discount the unit price might be lower than the new cap.

A question on behalf of a friend he currently on a fix with GEUK let say it only lowered to the cap she eligible for warm homes discount which GEUK only offers to core group which she isn't, anyone know any energy supplier still accepting new customer on svr

It’s too late to change for the warm home discount. The DWP had a date of 21 August as the cut off date so whoever your supplier is on that date gets paid the money if you’re entitled to it. Changing supplier now would not enable him to get it 

I believe the 12th aug was the qualifying date for whd in England and Wales this year the discount seems to be automatically, they live in Scotland which got a different warm house discount scheme than England/Wales as far as I can tell broader group isn't automatic  it seem like the old system needed to manually claiming it so the 12 Aug cut off might not apply 

The_Green_Hornet

The weekly MSE Money Tips Email seems to be a little bit more vague when comparing it to Mr Lewis's tweets.

Terms such as "My latest reading" and "my BEST GUESS" don't fill me with as much confidence as the OP as to what is being agreed between the government and the energy suppliers.

I suggest people wait until the official details are published.

CSH1

People with exit fees should probably wait until October 1st when new tariff comes in, they are probably charging exit fees now as the SVR is cheaper at the moment.

uksitebuilder

I switched back to SVR with Octopus having fixed back in June. No exit fees anyway.

Current SVR is slightly cheaper than what my fix was.

I made an educated guess the energy companies will only lower to the Oct 1 cap rate and it seems my guess may come to pass.

I will now sleep easy knowing what I will pay and be paying for the next 2 years and can move on to doing more productive things than worrying about saving £50 or not if the Standing Charges in a fix don’t change

scotsmantom

I am on BG Fix until May 23 on roughly same rates as new price guarantee will be from 1 Oct. They invited me on website to switch without penalty but their comparison calculator has calculated my present annual cost wrong, although the rates quoted are correct, understating it by about £600. Why would they do this?  To discourage swaps?

[Deleted User]

scotsmantom said:

Why would they do this?  To discourage swaps?

No.  There's no point in them "discouraging swaps" with the way the market is at the moment.  Don't assume malicious when incompetent would be just as likely.

Those estimated use figures often still use the 'typical household' rather than your actual or personal estimated usage.  Could that be true in this case?

brewerdave

bluenun said:

I am on E7 with EDF, all electric in the home and signed up in July 2021 to a 3 year fix.
I am guessing the capped prices will be higher than my current rates so I assume my prices will go up in October, is that correct?

No - the supplier will honour your fix . See Government Announcement | Latest News | Our Update | EDF (edfenergy.com)

[Deleted User]

bluenun said:

I am on E7 with EDF, all electric in the home and signed up in July 2021 to a 3 year fix.
I am guessing the capped prices will be higher than my current rates so I assume my prices will go up in October, is that correct?

Why would you assume that?  

TheAble

LauraJayne_2 said:

Ballymoney said:

Not sure why Martin’s advice for those on a fix is to do nothing?! That means overpaying between now and Oct 1st. Bizarre advice.

Agreed, I think Martin needs to stop giving people such poor advice. It more sounds like those on fixes should be trying to shift to standard variable rates with immediate effect

Also your fix's contractual end date has value. May be nice to rely on in case the govt changes the goalposts.

kingkano

scotsmantom said:

I am on BG Fix until May 23 on roughly same rates as new price guarantee will be from 1 Oct. They invited me on website to switch without penalty but their comparison calculator has calculated my present annual cost wrong, although the rates quoted are correct, understating it by about £600. Why would they do this?  To discourage swaps?

This is because your fix expires in May, but it is calculating the annual cost, so for June/July/August of next year it is assuming you will pay the CURRENT SVR (27p electric and 7p gas probably) and so the sums come out less.  The Ofgem price cap will be using the same rate for the whole year calculation.  In normal times, they can't know your future SVR tariff, so this is the only way it can be done.