New E.ON Fixed Rate deal starting July.

QrizB

Marvel1 said:

Alnat1 said:

If you have smart meters you can control how much you pay per unit by choosing a smart tariff. For example, my gas today is 3.71p per kWh.

If I didn't have a smart meter I wouldn't have a choice, less control, and would be paying around 11p per kWh. I feel I have more control because of my smart meter.

@rockers you definitely have less control over your energy prices without a smart meter.

My parents have a prepayment smart meter for gas, who is the supplier so I can look into it?

The ~4p gas tariff is called Tracker, and is offered by Octopus.

https://octopus.energy/smart/tracker/

If your parents decide to switch, be sure to get them a referral code. There are plenty of forum members who are Octopus customers and can supply one if you don't already have an Octopus-using friend or family member.

Scot_39

johnydeath said:

jbuchanangb said:

Here is the screenshot showing current and proposed tariffs:

Interesting, my quote for gas on the same Jul 23 Iss 1 is slightly less at 8.28 unit and same 14.81 sc.

I see the new v2 just come out is 7.43 unit and 29.11 sc, that makes the v2 an extra £52 a year on the standing charge, crikey

And nearly double that saving on tge TDCV 12000kWh gas consumption - 8.28-7.43= 0.85p x 12,000 = £102.

So overall £50 cheaper.

Looking at only one component of a price is meaningless.

And even relative small households can win with the new lower unit rates.

£52 / 0.85p = 6117 units to recover the difference.

[Deleted User]

Marvel1 said:

Alnat1 said:

If you have smart meters you can control how much you pay per unit by choosing a smart tariff. For example, my gas today is 3.71p per kWh.

If I didn't have a smart meter I wouldn't have a choice, less control, and would be paying around 11p per kWh. I feel I have more control because of my smart meter.

@rockers you definitely have less control over your energy prices without a smart meter.

My parents have a prepayment smart meter for gas, who is the supplier so I can look into it?

A word of caution. These tariffs are not ‘switch and forget’ so daily prices do need to be monitored. Octopus has also just changed the ts and cs. Previously, I could ring up and move away from Tracker the same day: Octopus is now saying that a tariff change could take up to 2 weeks. If energy prices spike because of a major international incident, it could be an expensive two weeks. These changes are to stop customers play ‘tunes’ with Octopus’ tariffs as was the case with Agile a year or so ago.

• Should you choose to leave Tracker, it won't be instant – you may need to wait up to 2 weeks before the switch to your new tariff will complete. After leaving, you'll need to wait 9 months before switching back to Tracker.

  
  

  
  

johnydeath

Scot_39 said:

johnydeath said:

jbuchanangb said:

Here is the screenshot showing current and proposed tariffs:

Interesting, my quote for gas on the same Jul 23 Iss 1 is slightly less at 8.28 unit and same 14.81 sc.

I see the new v2 just come out is 7.43 unit and 29.11 sc, that makes the v2 an extra £52 a year on the standing charge, crikey

And nearly double that saving on tge TDCV 12000kWh gas consumption - 8.28-7.43= 0.85p x 12,000 = £102.

So overall £50 cheaper.

Looking at only one component of a price is meaningless.

And even relative small households can win with the new lower unit rates.

£52 / 0.85p = 6117 units to recover the difference.

Yes, you have to take into account the whole package and what you use, but for us for dual fuel, we’ve reduced by £250 a year to go onto the v1, but the v2 which should be cheaper than the v1 (?) has gone up £60 over the v1

Scot_39

I am guessing EOn might have twigged the lower SC model was a business risk and only safe to offer to higher users.

As they have to pay out that money to grid operators etc.

Whereas the new cap - for gas at least seems to match Ofgem costing.

So perhaps more suitable now to be offered to many more custumers regardless of use perhaps ?

andywilliams1187

Hi everyone, 

Hoping for some help with EON - my fixed rate ends this month but I have been offered the Next Loyalty Fixed V2 broken down as follows:

Electricity: Unit Rate 31.10p per kWh - Standing Charge 61.82p per day
Gas: Unit Rate 29.11p per kWH - Standing charge 29.11p per day
Term: 12 Months (July 2024)
Monthly Cost £129.26
Annual Cost £1,551.21 (estimated)

I am just trying to work out if I should fix this for the year. I currently pay £86 a month for gas/electricity as I was on a decent fixed rate prior to the major price hikes. 

Would be interested to get peoples views on if they think this is a good deal or not?

spot1034

These prices are very roughly the same as what the SVR is likely to be for the three months starting July 1st. It is pure speculation as to what will happen for the three three-monthly periods which follow (to measure against this one year fix) but at the moment the three months from Oct 1st look like being cheaper, assuming nothing happens to reverse the decline we have seen in wholesale prices, and at the moment prices for the forthcoming winter have declined significantly from where they were a month or two ago. It is all guesswork - a major political incident could change the present outlook within the lifetime of this fix, as could a severe winter push up prices in the first half of next year. 

My own E.On Next fix ends soon, so I am expecting to be offered the same or similar in the coming week. My inclination is to wait, go onto the SVR in the meantime in the hope that the fixes on offer in the coming months will be lower than this one, but it all depends on how much risk you are prepared to take.

andywilliams1187

spot1034 said:

These prices are very roughly the same as what the SVR is likely to be for the three months starting July 1st. It is pure speculation as to what will happen for the three three-monthly periods which follow (to measure against this one year fix) but at the moment the three months from Oct 1st look like being cheaper, assuming nothing happens to reverse the decline we have seen in wholesale prices, and at the moment prices for the forthcoming winter have declined significantly from where they were a month or two ago. It is all guesswork - a major political incident could change the present outlook within the lifetime of this fix, as could a severe winter push up prices in the first half of next year. 

My own E.On Next fix ends soon, so I am expecting to be offered the same or similar in the coming week. My inclination is to wait, go onto the SVR in the meantime in the hope that the fixes on offer in the coming months will be lower than this one, but it all depends on how much risk you are prepared to take.

Hi spot, 

Thanks for the reply - they have also sent me the SVR rate (detailed below) and they are the same. The only real difference I can see is that if I go for the 12month fixed, I would have to pay £150 to come away from this early (2 x £75) but moving away from the SVR to a new providor/new fixed deal should be free as not under contract (if that makes sense). 

Its a difficult one as the proposed £130(ish) a month is well below what we had budgeted for, and it is only 12 months. Initially I was thinking of waiting to see what happens in July but I am tempted to just lock it in now (at present I pay £120 a month anyway and the account is in credit as most of our bills are around the £90 mark)

Scot_39

johnydeath said:

Scot_39 said:

johnydeath said:

jbuchanangb said:

Here is the screenshot showing current and proposed tariffs:

Interesting, my quote for gas on the same Jul 23 Iss 1 is slightly less at 8.28 unit and same 14.81 sc.

I see the new v2 just come out is 7.43 unit and 29.11 sc, that makes the v2 an extra £52 a year on the standing charge, crikey

And nearly double that saving on tge TDCV 12000kWh gas consumption - 8.28-7.43= 0.85p x 12,000 = £102.

So overall £50 cheaper.

Looking at only one component of a price is meaningless.

And even relative small households can win with the new lower unit rates.

£52 / 0.85p = 6117 units to recover the difference.

Yes, you have to take into account the whole package and what you use, but for us for dual fuel, we’ve reduced by £250 a year to go onto the v1, but the v2 which should be cheaper than the v1 (?) has gone up £60 over the v1

Why should the V2 be cheaper than the V1 ?

Clearly EOn - who seemed very selective on who they offered V1 to - have looked at it - and decided it carries a high financial risk to them - particularly as it's low SC favoured low users - over actual fixed payments to grid etc.

When for instance CI latest figures suggest prices increasing for electric - and even bouncing back for Q1 2024 for gas ?

Fixed deals aren't necessarily a rush to the bottom - their not designed to favour the customer over the supplier - who only has a 1.9% EBIT (profit allowance) in the cap.

In the past the big 6 actually charged a premium over current rates for the security.

bristolleedsfan

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