Cheap fix?

mrsmac59

I've been offered a 12month fix on my gas tariff 13.36 kwh,  24.48 daily standing charge, £100 exit fee Is this any good or should I stay on SVR? 

Gerry1

It's anybody's guess really, but I'd want something with more carrot and less stick.  There's the rest of the winter to go at a much higher rate, so you'd have to save quite a bit next autumn to make up.

Neil_Jones

mrsmac59 said:

I've been offered a 12month fix on my gas tariff 13.36 kwh,  24.48 daily standing charge, £100 exit fee Is this any good or should I stay on SVR? 

Considering the SVR rates are on average Unit rate: 10.33p per kilowatt hour and Standing charge: 28.49p per day, what do you think?

https://www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/

However that being said:

https://www.moneysavingexpert.com/news/2023/january/energy-price-cap-consumer-wholesale-prices/ might be of interest.

The risk you always take with a fix is a higher initial price and you hope things go even higher.  If they do you're quids in.  If they don't, you'll lose out.  Nobody has a crystal ball.

bristolleedsfan

mrsmac59 said:

I've been offered a 12month fix on my gas tariff 13.36 kwh,  24.48 daily standing charge, £100 exit fee Is this any good or should I stay on SVR? 

Does EPG reduction before/after rates get mentioned ??? Who is that with EDF ????

macman

That's not a cheap fix...

mrsmac59

bristolleedsfan said:

mrsmac59 said:

I've been offered a 12month fix on my gas tariff 13.36 kwh,  24.48 daily standing charge, £100 exit fee Is this any good or should I stay on SVR? 

Does EPG reduction before/after rates get mentioned ??? Who is that with EDF ????

It's with British gas I'll get credited £66/67 to my account after 1st Feb I've gad a long struggle to get account set up since I moved in on 1st Dec Just sorted it out today 

EssexHebridean

That £67 a month is the same that you would have got from any supplier though - don’t be misled into thinking this is some sort of special incentive offered specifically by British Gas! 

Mstty

With this potential news I wouldn't take that fix

https://twitter.com/MartinSLewis/status/1613932928941056003?t=G-ASLqAytCG1pitk0BIIMg&s=19

SAC2334

That fix is dreadful. We only have six weeks of winter to go and March can be mild and then we are into the very low gas usage months .Personally I would advise you to Switch to Octopus and then go onto either Tracker or Agile where you could half those rates on many days as it is today on the Tracker .eg today gas is 7.2 p kWh . electric 19 p kWh 

macman

But bear in mind that those Tracker rates will only be advantageous through to maybe October '23. Forward wholesale pricing is much higher going into winter '23/4 as there is no certainty that European reserves can be fully replenished in time for next winter, and a 12m fix to Spring '24 could still be attractive even at higher than EPG rates. We have no way of knowing what level of support the gov't might be prepared to offer that far ahead.
Having said that, I fervently hope that I'm entirely wrong.

Spoonie_Turtle

macman said:

But bear in mind that those Tracker rates will only be advantageous through to maybe October '23. 

The thing with Octopus tariffs is you can switch back to the Flexible at any time if things start getting hairy again. 

But also if things start getting hairy, there's no certainty of being able to switch back to the same Tracker (or Agile) version again with the same terms once things calm down, as they may find themselves having to change it in the time you're off it.  It's a gamble - always technically has been, but much more so in a more volatile market now.