coop loyal fixed

beattiesman

with octopus energy my fixed gas & electricity finished in september out of the new options we where offered before the goverment stepped in we opted for a 12month loyal fixed which took our direct debit from £112 month to £309 the new tariffs they quoted are 3 times over what we where paying per kwh.what happens now after the goverment have capped it .

MWT

beattiesman said:

with octopus energy my fixed gas & electricity finished in september out of the new options we where offered before the goverment stepped in we opted for a 12month loyal fixed which took our direct debit from £112 month to £309 the new tariffs they quoted are 3 times over what we where paying per kwh.what happens now after the goverment have capped it .

If you took a fix that recently the odds are you are going to be moved onto the SVT, as even with the reduction from the government scheme the rates will still be above the SVT cap.

Going to have to wait a little longer for the details, but you should hear something this week.

If you want to post the kWh and standing charge rates you are on, we can confirm, as it may not be worth waiting for the news before jumping off that fix...

beattiesman

MWT at the moment my gas is 5.78 per kwh s/c is 26.10p .electric is 25.87 per kwh s/c 23.50p ..the new rates are gas 18.91 per kwh 27.22 s/c .electric is 71.22 per kwh s/c is 47.31.

The_Fat_Controller

OMG that fix is way above the October 1st SV rates before the government stepped in, what were you thinking ?

Even with the Price Guarantee reductions you would still be well over the new capped rates.

You will be moved to the EPG rates applicable for your region, around 34p per kWh for electricity and 10p for gas.

MWT

beattiesman said:

MWT at the moment my gas is 5.78 per kwh s/c is 26.10p .electric is 25.87 per kwh s/c 23.50p ..the new rates are gas 18.91 per kwh 27.22 s/c .electric is 71.22 per kwh s/c is 47.31.

You can be grateful that your fix saved you from the worst of the last 6 months of price increases then, but yes, as per my earlier guess and the Fat Controller's post, you are heading for the SVT for sure.

The only question is do you wait for the change to happen on 1st October or do you jump now.

I know of no reason why you wouldn't head for the SVT now and avoid those rates for the next 10 days, but see if anyone else can suggest a cogent reason not to do that...?

I'm not familiar with the Coop tariffs, but I assume you have no exit fees as this is essentially Octopus anyway?

bristolleedsfan

Ask to change to SVT and ask to be refunded difference between fix taken out and existing SVR rate, use this as an example 

Say only took fix out to protect from Jan/April rise which now will now not take place +, have been in limbo waiting for info about what will happen since EPG announcement.

https://twitter.com/Chariots913/status/1571093217378205696

"I changed to the loyalty fix 2 months ago to protect from Jan/April rise. Emailed about moving back to the variable and Octopus refunded £219 (Dif in the higher rate we were paying) and changed me back to the variable."