So Energy future fix - a good deal?

KenDFish

I've been with So Energy for a few years (only for gas, due to a bodged dual-fuel switch that I never got around to sorting), and I've been happy with their service. I've been on their standard price-capped tarriff for the last few years, but now they've offered me a fix from the 1st of July for a year, with a unit rate of 7.31p/kWh (£75 early exit fee). This looks to be slightly lower than the forthcoming price cap of 8p/kWh - am I missing something, or do you think this is worth grabbing?

QrizB

KenDFish said:

I've been with So Energy for a few years (only for gas, due to a bodged dual-fuel switch that I never got around to sorting), and I've been happy with their service. I've been on their standard price-capped tarriff for the last few years, but now they've offered me a fix from the 1st of July for a year, with a unit rate of 7.31p/kWh (£75 early exit fee). This looks to be slightly lower than the forthcoming price cap of 8p/kWh - am I missing something, or do you think this is worth grabbing?

8p/kWh is an approximation of the price cap. The actual rate varies regionally. You should check your regional rate:

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

KenDFish

Ah of course - I'm in Southern Scotland, so the OfGem capped rate will be 7.46p per kWh, so SE is coming in 0.15p below that. But looking at https://www.cornwall-insight.com/predictions-and-insights-into-the-default-tariff-cap/ , they're forecasting (and I realise it's just a forecast) that it'll drop to around 6.6p in October and up to 6.92 in January 2024 - so still below what SE is offering now. Probably not worth fixing then?

QrizB

KenDFish said:

Probably not worth fixing then?

Fixed rates provide certainty, but are not always the cheapest option (obviously that depends on what the market does).

Would you rather know your tariff for the next 12 months won't change, or do you feel lucky?