New E.ON Fixed Rate deal starting July.

jbuchanangb

What region are you BTW?

I am in the Electricity Northwest region. E.ON responded very promptly to my question about the discrepancy between the rates quoted online and the rates stated in the confirmation email, confirming that the rates shown online are correct. I will keep that email very safe, just in case.
For others with E.ON on Fixed tariffs, maybe a similar offer will come your way. They notified me on 18 May that my Fixed Rate is coming to an end on 2 July, and offered this new rate. It looked good to me so I accepted it.

[Deleted User]

Dolor said:

That said, a no exit fee offer allays most of my concerns.

There is a £75 exit fee for each fuel if the customer chooses to change supplier before end of contract.  Its only going to be open to customers in the renewal process for now.  So for myself on Next Flex (Eon Next SVT) this new tariff is not going to be offered.

Mstty

jbuchanangb said:

What region are you BTW?

I am in the Electricity Northwest region. E.ON responded very promptly to my question about the discrepancy between the rates quoted online and the rates stated in the confirmation email, confirming that the rates shown online are correct. I will keep that email very safe, just in case.
For others with E.ON on Fixed tariffs, maybe a similar offer will come your way. They notified me on 18 May that my Fixed Rate is coming to an end on 2 July, and offered this new rate. It looked good to me so I accepted it.

And that is what counts being happy and knowing what energy will cost for 12 months can be a comfort. That combined with no exit fees means you can jump ship should the price cap drop through the floor or a better offer turns up.

 

bristolleedsfan

[Deleted User] said:

Dolor said:

That said, a no exit fee offer allays most of my concerns.

There is a £75 exit fee for each fuel if the customer chooses to change supplier before end of contract.  

If someone wanted to change supplier they could change to Next Flex and then switch out with no exit fee.

AndyDragon

spot1034 said:

I’m an existing eon next customer and still in a fix and I dont haIt's probably only available to those who are within 49 days of their fix ending. I'm in the same position, expecting to hear from them around June 5th so will be interested to see whether I get the same offer or if a new one will have appeared by then. 

Nope, mines up in about 2 weeks so must be a regional thing as I only have choice of standard tracker or possibly an electric car fix

jbuchanangb

I hear on the news that pundits are forecasting about £400pa reduction in energy bills coming up. So here are my actual workings out:

Electricity: 365 days to 22 April 2023: 3465 kWh E.ON assumed consumption: 3323

Gas: 365 days to 7 April 2023: 11680kWh. E.ON assumed consumption: 12295

Proposed Electricity rates (inc. VAT): Daily: 37.11. Units: 30.02.

Proposed gas rates (inc. VAT): Daily: 14.81. Units: 8.36

Based on E.ON assumed consumption, annual cost: £2214.67

Based on actual previous 365 days, annual cost: £2205.86

Actual amount paid for last 365 days energy was £2633.44 (includes EPG discount, but not EBSS grant)

Expected reduction for 365 days from July 2 is therefore £427.58 (close to break-even if EBSS considered!)

michaels

Mstty said:

this may assist people in making decisions about fixing.

I believe the CI rates are based on the current forward contract prices for those periods - obviously what the actual figures for 3-4 month ahead supplies that drive the cap will be can not be known until we get to that time.  However they should support suppliers offering a fully hedged 12m fix at about 2k pa (subject to sufficiently large exit penalties to protect themselves if prices were to fall further).  Anything above that for a fix is an extra profit element above the 2% permitted under the svr cap.

Personally I would look to take a fix once a few competing offers become available as I think the risk is much more on the upside than the downside (after all you can always just pay an early exit charge which puts a hard limit on the downside risk) - although I guess there is the 'Hunt Punt' (can I copy write that?) suggested by SeaShell, that the govt will cap the upside risk especially in an election year so as a consumer you don't need to..... 

spot1034

mortgageFTB said:

Those rates are a ripoff.

octopus tracker rates today are 3.6p/kWh for Gas and 16.8p / kWh for elec. 

Octopus have said they are running these tariffs at a loss, presumably because they are still at the testing stage. At some point they will presumably increase the rates to make them profitable.

bristolleedsfan

mortgageFTB said:

Those rates are a ripoff.

octopus tracker rates today are 3.6p/kWh for Gas and 16.8p / kWh for elec. 

I fail to understand relevance between a tariff with a stated to be 6 month waiting list that is based on day ahead prices currently cheaper than year ahead prices that can potentially increase to 30p kWh gas £1per kwh electricity being compared with a 12 month fixed rate tariff with much lower standing charges for gas.

Xbigman

In a rational market any tariff linked to wholesale prices should, as now, lead the market down but it should also lead the market up. You can bet your life that there will be a mass bailout if wholesale prices start to rise next winter. Right now Octopus are taking on the full liability for everyone who leaves any wholesale dependent tariff. If these tariff's were to become mainstream that policy would have to change. They would simply have to start locking customers in. They are currently restricting Tracker to 50 new customers per day. The waiting list is 6 months, so about 9000 customers then. And that counts as the tariff being swamped. Total number of customers on wholesale dependent tariff's? I'd say less than 15,000 out of their (allegedly) 5 million customers. 

I'm very glad to have been on Agile for the last year. I'm rolling over onto the new version of Agile for the summer but I'm looking out for a decent fix to cover my winters usage. I'd like there to be a fixed time of use tariff but I've only seen one and it was very pricey. Right now any tariff that is around mid 20's a kwh for electric and about 7p a kwh for gas is one I might go for. 



Darren