Eon Next Loyalty Fixed V2

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:

Property is a 3 bedroom semi-detached house in the North West. 

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. The standing charges appear high but I am quite comfortable with the monthly payment compared to what other people are paying. 

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

molerat

Which way do you think prices are going ?  Ignore what other people are paying. Those prices are higher than the July cap.

andywilliams1187

molerat said:

Which way do you think prices are going ?  Ignore what other people are paying. Those prices are higher than the July cap.

I am not 100% to be honest; my other alternative is to move onto the variable rate for a couple of weeks (my current fixed ends on 26th June) then see if there are any better fixed rates after the price cap early july

DerwentMailman

molerat said:

Which way do you think prices are going ?  Ignore what other people are paying. Those prices are higher than the July cap.

Especially on both the SC and Unit rates on electricity - unit rates on gas only marginally cheaper @7.51p/kWh.  @ the OP,  only you can really decide if price security over 12 months is worth fixing now.

Gerry1

You need to look again at the gas kWh price, it's not 29.11p.

The exit fees are hefty.

Seems you would be able to switch to the E.On SVT without penalty if it were cheaper, but it's unclear what would happen if you then left E.On within the original 12 month period.  You could argue that your new SVT had no end date hence the exit fee no longer applied, but the E.On computer might say No.

andywilliams1187

Gerry1 said:

You need to look again at the gas kWh price, it's not 29.11p.

The exit fees are hefty.

Seems you would be able to switch to the E.On SVT without penalty if it were cheaper, but it's unclear what would happen if you then left E.On within the original 12 month period.  You could argue that your new SVT had no end date hence the exit fee no longer applied, but the E.On computer might say No.

Typo on my part  

If I don't renew, I automiatically revert to the SVT (details below) - it looks to be the same prices as the fixed but no fee for moving (if a better rate comes up in July with a different providor)

bristolleedsfan

DerwentMailman said:

molerat said:

Which way do you think prices are going ?  Ignore what other people are paying. Those prices are higher than the July cap.

Especially on both the SC and Unit rates on electricity - unit rates on gas only marginally cheaper @7.51p/kWh.  @ the OP,  only you can really decide if price security over 12 months is worth fixing now.

Average regional rates are irrelevant for most consumers, some standing charges are 40p ish others are 60pish, equally there are variations in unit rate.

Consumers can find own regional July cap rates/costs.

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

scobie

31p is a shocking rate for electricity given prices are reducing 17-20per cent in June.  And don’t get me started on that standing charge. 

bristolleedsfan

scobie said:

31p is a shocking rate for electricity given prices are reducing 17-20per cent in June.  And don’t get me started on that standing charge. 

Standing charges and unit rates for gas and electricity under the Energy Price Cap on direct debit  from 1 July to 30 September 2023

North Wales & Mersey

Unit rate: 7.54p per kWh   Standing charge: 29.11p per day

Unit rate: 31.10p per kWh   Standing charge: 61.82p per day

CSI_Yorkshire

scobie said:

31p is a shocking rate for electricity given prices are reducing 17-20per cent in June.  And don’t get me started on that standing charge. 

Convenient that you forget to mention what they are reducing from, isn't it.

Out of interest, how much loss do you think companies should be forced to make?

DerwentMailman

bristolleedsfan said:

DerwentMailman said:

molerat said:

Which way do you think prices are going ?  Ignore what other people are paying. Those prices are higher than the July cap.

Especially on both the SC and Unit rates on electricity - unit rates on gas only marginally cheaper @7.51p/kWh.  @ the OP,  only you can really decide if price security over 12 months is worth fixing now.

Average regional rates are irrelevant for most consumers, some standing charges are 40p ish others are 60pish, equally there are variations in unit rate.

Consumers can find own regional July cap rates/costs.

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

Which is why I quoted rates for North West  (as per OP's first post)