Fixing in or staying variable

[Deleted User]

michaels said:

I would personally fix as I think the scale of any fall in prices is likely to be small but rises could be very big.  The only thing to make me question this is what the govt might do if prices were to shoot up again the winter before a general election which probably puts a cap on the increases (perhaps at the previous £2500 level).

There is already built in price protection for Winter 23/24:

'Default Tariff Cap replaces Energy Price Guarantee as the cap on consumer energy bills

From 1 July 2023 the Default Tariff Cap will replace the Energy price guarantee as setting the maximum price a typical domestic consumer will pay for their energy bill.

However, the EPG remains in effect at a level of £3,000 until April 2024 and will therefore continue to offer protection to consumers in the event that future price caps increase above this level.

For further information on the Energy Price Guarantee, please see the Energy Bills Support Factsheet.'

Source: Ofgem Website

RelievedSheff

The_Green_Hornet said:

RelievedSheff said:

We are sticking it out on the SVR for now and probably for this winter.

Our supplier, Outfox the Market, have given existing customers a 5% discount on unit prices over the price cap so we would struggle to find a better deal at the moment.

We will probably review the situation after next winter and see if any competitive fixed deals are on offer. 

https://www.ofgem.gov.uk/publications/outfox-market-pays-ps18-million-failing-report-its-financials

And???????

The_Green_Hornet

RelievedSheff said:

The_Green_Hornet said:

RelievedSheff said:

We are sticking it out on the SVR for now and probably for this winter.

Our supplier, Outfox the Market, have given existing customers a 5% discount on unit prices over the price cap so we would struggle to find a better deal at the moment.

We will probably review the situation after next winter and see if any competitive fixed deals are on offer. 

https://www.ofgem.gov.uk/publications/outfox-market-pays-ps18-million-failing-report-its-financials

And???????

OFTM have a 1.8 million pound fine to pay and they will need to get that money from somewhere.

I'll leave you to join up the dots.

littleteapot

The_Green_Hornet said:

OFTM have a 1.8 million pound fine to pay and they will need to get that money from somewhere.

I'll leave you to join up the dots.

Hmm, I sense another round of SOLR and increased standing charges...

RelievedSheff

The_Green_Hornet said:

RelievedSheff said:

The_Green_Hornet said:

RelievedSheff said:

We are sticking it out on the SVR for now and probably for this winter.

Our supplier, Outfox the Market, have given existing customers a 5% discount on unit prices over the price cap so we would struggle to find a better deal at the moment.

We will probably review the situation after next winter and see if any competitive fixed deals are on offer. 

https://www.ofgem.gov.uk/publications/outfox-market-pays-ps18-million-failing-report-its-financials

And???????

OFTM have a 1.8 million pound fine to pay and they will need to get that money from somewhere.

I'll leave you to join up the dots.

Did you read the whole article?

I shall assume you didn't make it to the end?

"This Provisional Order, which prevented the supplier from taking on new customers, has today been revoked as its financial position has improved significantly."

RelievedSheff

littleteapot said:

The_Green_Hornet said:

OFTM have a 1.8 million pound fine to pay and they will need to get that money from somewhere.

I'll leave you to join up the dots.

Hmm, I sense another round of SOLR and increased standing charges...

I don't.............

Ant555

B0bbyEwing said:

... Just curious what others are doing. Are many of you waiting it out, staying as you are, fixing in while it's there?

Existing British Gas customer here - just taken them up on a 12 month fix with rates almost identical to the SVR - I calculate its £20/year more expensive so, for someone like me that prefers the comfort of knowing what im likely to pay, it is an attractive deal.  I believe that it is also available to new customers.

It has £100 per fuel exit fees but BG have confirmed to me that I can switch to another tariff with them if a cheaper one comes along or switch to the SVR with them without penalty (I was unsure about being able to switch to the SVR penalty free but the customer service person confirmed it to me and I have the transcript).

Interestingly, I have just received an email from EDF inviting me to get a quote and switch to them.

My own personal opinion is that rates are highly unlikely to get a lot cheaper in the short term, that they are either going to stay roughly the same over 12 months (possible slight dip followed by a slight uptick - average 12 months about the same) OR there could be another worldwide event that will drive rates up.

Hope this helps.

Tastiger

Hi - I'm currently with EDF on variable rate. They are offering to fix my rate and am wondering whether to do this now or wait until October when the cap could fall further. I would appreciate your thoughts. Thank you

dealyboy

@Tastiger said:

Hi - I'm currently with EDF on variable rate. They are offering to fix my rate and am wondering whether to do this now or wait until October when the cap could fall further. I would appreciate your thoughts. Thank you

The wise words are 'fixing gives you personal energy security and peace of mind' ... rather than anticipating the market ... a perfectly reasonable approach to budgeting and planning your costs.

I don't know how long this fix will last though as it is 'until 31 July 2024'. Will it still be there in August, or change, I don't know.

The_Green_Hornet

RelievedSheff said:

The_Green_Hornet said:

RelievedSheff said:

The_Green_Hornet said:

RelievedSheff said:

We are sticking it out on the SVR for now and probably for this winter.

Our supplier, Outfox the Market, have given existing customers a 5% discount on unit prices over the price cap so we would struggle to find a better deal at the moment.

We will probably review the situation after next winter and see if any competitive fixed deals are on offer. 

https://www.ofgem.gov.uk/publications/outfox-market-pays-ps18-million-failing-report-its-financials

And???????

OFTM have a 1.8 million pound fine to pay and they will need to get that money from somewhere.

I'll leave you to join up the dots.

Did you read the whole article?

I shall assume you didn't make it to the end?

"This Provisional Order, which prevented the supplier from taking on new customers, has today been revoked as its financial position has improved significantly."

Yes, I read the whole article so you assume incorrectly. I have also read OFTM's financial account statements.

Good luck.