I feel I've been penalised over £100 for being prudent and arranging a fixed rate tariff in June!

starnamer

ariarnia said:

in normal circumstances energy companies wanted customers to join and to guarantee the rate to allow them to hedge the market so offered tempting deals 

Which was why, for years, Martin recommended shopping around and switching. The companies don't reward loyalty even though the full name of the rate I'm on is Loyalty Jun23v2!

I was late fixing this time and hence paid a penalty, but in future will still fix.

t0rt0ise

It's just like my two year fixed savings account I opened. Now interest rates have gone up, I'm a tad frustrated but that's all. It happens all the time with savings.

jbuchanangb

Having fixed on E.ON Next Online v15 on 2 July I seem to have paid about £120 more than if I had stayed on Net Flex. Which is what I expected would happen. For the next 2 years I will be on Energy Price Guarantee like everyone else. I don't think I have any cause for complaint.

BobT36

You were gambling and lost out due to external factors beyond your control. That's just how it works. 

Just the same as if you bang all your money on stocks based on an educated guess, then it turns out wrong. What can you do? 

Astria

I bought an insurance policy I didn't need, so effectively I'm £120 worse off. I might have needed though then I would have been better off.

Likewise, if prices had continued to climb, you might have actually been better off by being on the fix and thus saved money.

I actually fixed on a far more expensive than SVT fix in September, as it might have been cheaper next year to make up for it, but I made sure it didn't have an exit fee - just in case. Glad I did now as it's cancelled.

Mstty

Most of these fixes didn't just let you know where you might be for the next 1/2 years they also decreased a great deal of stress as every week the prices and fixes went up and up and up.

Do you not feel the £100 was worth that less stressful time especially when come September the indications were average bills of £6K

gazapc

starnamer said:

they are penalising me

Please tell me how you have been penalised?

You haven't. The cost to you is identical to what it was before, and in fact I assume you have the option of leaving the fix and going onto the SVR.

rootie_2

starnamer said:

In June I received an offer from British Gas to go onto a fixed rate tariff called Jun23V2 until June 2023.I'd previously been with People's Energy, so was on British Gas' People's Tariff with unit price of 28.021p and standing charge 42.242p which was the same as their Standard Variable Tariff. Jun23V2 offered a unit price of 34.503p and standing charge 47.722p.

Based on the prediction at the time that the OfGem Cap would rise to around £3000, after several hours working with a spreadsheet, I decided I was better off taking it up the offer and started paying the higher rate from the 26th of June.

When the Cap was announced at £3549, this appeared to this confirm I'd made the right decision as my savings would be even more.

Then the Government announced that they were fixing the Cap at £2500 and all my calculations and prudence were wiped out.

British Gas has adjusted the tariff I'm on, so the unit price is listed (and shows on my Smart Meter) as 33.477p which is almost the same as the quoted Standard Variable tariff 33.476p, but the standing change remains at 47.722p which is 4.5p higher than their quoted SVT rate of 43.260p. So, if things stay as they are, I'll pay an extra £16.42 over the year.

However, the bigger penalty for my prudence is that, according to my figures, by paying the fixed rate for just over 3 months, I've paid an extra £101.17 over what I would have paid by doing nothing! So, assuming no changes, by next June I'll have been charged an extra £113.48 for trying to budget.

I suspect there's nothing I can do about this since, although I haven't contacted them, I think I'll just be told that it was my decision to adopt the Jun23V2 rates and I lost out!

Does anyone think there's any point even contacting British Gas?

Does anyone else feel hard done by because of the government's decision to set the Cap at £2500?

I realise the government had to do something to help people who couldn't afford their energy bills, but feel they are penalising me and others like me who took precautions and tried to budget for the rises.

i'm confused by bg. i fixed jun23 and my rate has been brought lower but not to that of the new cap. their svr is also showing as higher than the cap. i paid extra for 3months to fix this 'better' rate and now they can just pocket this? initially it was publicised that elec and gas fixed rates would be reduced by 17 and 4p respectively. mine has only been brought down to above the cap. i waited in good faith when they sent an email a month ago, advising they would be in contact soon.....on telephoning their only response was that they were sorry i felt like this, yes they would email re my new tariff in 10days,  and basically it was my choice to have fixed!!!

PennineAcute

Move your tariff over to SVT.  Problem solved.

[Deleted User]

rootie_2 said:

starnamer said:

In June I received an offer from British Gas to go onto a fixed rate tariff called Jun23V2 until June 2023.I'd previously been with People's Energy, so was on British Gas' People's Tariff with unit price of 28.021p and standing charge 42.242p which was the same as their Standard Variable Tariff. Jun23V2 offered a unit price of 34.503p and standing charge 47.722p.

Based on the prediction at the time that the OfGem Cap would rise to around £3000, after several hours working with a spreadsheet, I decided I was better off taking it up the offer and started paying the higher rate from the 26th of June.

When the Cap was announced at £3549, this appeared to this confirm I'd made the right decision as my savings would be even more.

Then the Government announced that they were fixing the Cap at £2500 and all my calculations and prudence were wiped out.

British Gas has adjusted the tariff I'm on, so the unit price is listed (and shows on my Smart Meter) as 33.477p which is almost the same as the quoted Standard Variable tariff 33.476p, but the standing change remains at 47.722p which is 4.5p higher than their quoted SVT rate of 43.260p. So, if things stay as they are, I'll pay an extra £16.42 over the year.

However, the bigger penalty for my prudence is that, according to my figures, by paying the fixed rate for just over 3 months, I've paid an extra £101.17 over what I would have paid by doing nothing! So, assuming no changes, by next June I'll have been charged an extra £113.48 for trying to budget.

I suspect there's nothing I can do about this since, although I haven't contacted them, I think I'll just be told that it was my decision to adopt the Jun23V2 rates and I lost out!

Does anyone think there's any point even contacting British Gas?

Does anyone else feel hard done by because of the government's decision to set the Cap at £2500?

I realise the government had to do something to help people who couldn't afford their energy bills, but feel they are penalising me and others like me who took precautions and tried to budget for the rises.

i'm confused by bg. i fixed jun23 and my rate has been brought lower but not to that of the new cap. their svr is also showing as higher than the cap. i paid extra for 3months to fix this 'better' rate and now they can just pocket this? initially it was publicised that elec and gas fixed rates would be reduced by 17 and 4p respectively. mine has only been brought down to above the cap. i waited in good faith when they sent an email a month ago, advising they would be in contact soon.....on telephoning their only response was that they were sorry i felt like this, yes they would email re my new tariff in 10days,  and basically it was my choice to have fixed!!!

That means you’re not looking at the cap for your region.  Their SVT is not higher than the cap.