SP Deal Ending

saintscouple

My Exclusive Fixed June 2023 B1 deal is ending at the end of June.

My tariff rates are currently - Electric SC 22.61, Unit Rate 27.192...... Gas SC 22.61, Unit Rate 7.220
Monthly direct debit is £150, and in credit by £60.

SP are only offering their variable tariff this time around - Electric SC 49.59, Unit Rate 33.517...... Gas SC 29.11, Unit Rate 10.412
Expected monthly direct debit £222.99

Thus an increase of £72.99 per month. 

Our predicted annual usage is Electric 5414kwh, Gas 5513kwh

We have an EV which we only charge once every 2 weeks at a cost of aprox £15

Are there any better tariffs out there for us to switch to please, a £70 a month hike is going to be tough to meet?
I suspect we´ve just been fortunate we got the deal we are currently on. 

Many Thanks for any advice. 

victor2

Fixes are beginning to show signs of reappearing, but with the government's EPG still in effect for a couple of months, just go onto the standard variable tariff and see what comes up when the EPG ends in June.

Edit: Look at your actual annual usage, rather than your suppler's estimates. Make an allowance for charging the car if you haven't had it a year yet.

molerat

Current predictions are for unit rates at not much more than you are currently paying from July but you are still going to take a hit on the SC.

spot1034

If your existing deal doesn't finish until the end of June, you will never pay those higher rates as the price is due to change on July 1st, and a significant reduction is forecast (to unit rates, not the SC!) - you will know what the figures are when Ofgem make their price cap announcement on May 26th. 

Once this is out of the way there might be fixes appear which undercut it but we shall have to wait and see if that happens.

matelodave

I'd have thought that its better to wait until the next price cap announcement (May 26th) before jumping onto a fix.

Scot_39

Your EV usage at £15 per fortnight is around 1430kWh annually - or just over quarter of use at 27.2

Leaving nearly c4000kWh electric which is quite a lot - a third more than the Ofgem TDCV of 2900.

But their are many genuine reasons for higher consumption, medical kit was a factor for my mum in her later years, my friends fish pond and water feature burns through large chunk of 2kWh daily - 700kWh annually,  the pond heater in freezing weather even more. 

Whereas your gas is quite low - less than half the 12000kWh TDCV.

As electric 3-4 × price - you may want to look at that mix if you can.

You could look at EV tariffs or even conventional e7 if in an area with cheap deals (e7 still very supplier and region dependent) - but given your 25-30% usage - it's borderline as to if ev rate savings would balance day premium - depending on supplier and tariff rates. 

But if covered other load during the EV period - e.g. load shifting washing machine loads or electric hw etc...

Not all deals have a day premium though, e.g. Ovo now advertise a 10p EV only rate for their customers - which applies kWh refunds to standard tariffs purely for EV charging - so no daytime rate penalty - but needs the right kit (car / charger).

They were also the first major supplier to announce a new 12m fix last month - but with mixed reviews.  ML also suggested a wait and see - but others took it for price stability.

So have a think about split of EV and total electric usage - as part of your next step - you could possibly save at off peak rates vs single rate.

Some ev deal tariffs would need smart meter fitted if not already.

wakeupalarm

Your tariff end date timing is perfect.  From 1st July prices are due to drop from current standard tariff rates.  Wait it out until the end of your current fix, by then you will know what is on offer.

sevenhills

My SP tariff ends at the end of this month. The tariffs on comparison sites are very similar to what is being offered by SP, just £100 per year more.

The comparison sites only offer me three different energy companies, all with exactly the same money figure.

Scot_39

victor2 said:

Fixes are beginning to show signs of reappearing, but with the government's EPG still in effect for a couple of months, just go onto the standard variable tariff and see what comes up when the EPG ends in June.

Edit: Look at your actual annual usage, rather than your suppler's estimates. Make an allowance for charging the car if you haven't had it a year yet.

The EPG isn't ending as such - the £3000 new limit still in place until April, and is actually being used by govt to subsidise pay as you go rates and SC metering to match DD until Ofgem settle final system.

And if another disaster hit - that could in theory still kick in - unlikely now perhaps - but if nothing else - the last year has taught many - about energy market pricing volatility.

It is just widely predicted to no longer be meaningful to most domestic users.

https://www.cornwall-insight.com/predictions-and-insights-into-the-default-tariff-cap/

As CI forecasting iirc far less than the new rate even for Q1 24.  £2063, £2098 and £2163 as of May03 release. 

Those first 2 CI forecasts were c£60 and £70 cheaper in late Mar.  So energy not falling as fast as we might have hoped.  And that's not just reflected in CI's short term forecasting.

With their estimated electric falling to 29.55p by July but then rising by q1 to 31.45p/unit in time for winter.  The current epg ave 33.2p inc vat.  So back within 5% - hardly a return to pre Ukraine normality.

saintscouple

Thank you everyone, I normally look at a switch a month prior to a deal ending, but obviously the start move here is to wait until 26th May and see what is announced.... I wasn´t aware there was another price cap announcement due. 
So will sit and wait - smart move will probably be to wait until my current tariff ends.

Thanks again

spot1034

We should also remember that the price cap is a maximum and suppliers could choose to price their SVT a bit below it. Most haven't in recent times but it could be a way of attracting a few customers who are wary of fixed deals for any reason, e.g. high exit fees.