Advice on fix

gj373

Hi

Looking for some advice. Coming off a 2 year fix in October. Any thoughts on whether I should fix again or wait for the new price cap? The deal I'm being offered by Sainsbury's for fixing is:

Sainsburys Smooth Renew Fixed 12m V1
Electric:

Unit rate	28.3731p per kWh
Standing charge	61.67p per day

Gas

Unit rate	7.1505p per kWh
Standing charge	29.11p per day

This would be from October. Anyone any ideas how this would compare to the new October price cap?

Thanks

CSI_Yorkshire

gj373 said:

Anyone any ideas how this would compare to the new October price cap?

We'll find out when they announce it on Friday.

Looks like somewhere about 7p gas and 27p electricity.

The price cap doesn't affect fixed tariffs though, so you have no reason to think that any fix offered to you in future will follow it.

gj373

Ah good so I could probably hold off taking this deal and see what the price cap is. I guess the cap could go up again in December though? Or it could go down

This has become too difficult. I can only be grateful I've been protected from this for 2 years

CSI_Yorkshire

gj373 said:

I guess the cap could go up again in December though? Or it could go down 

Yes.

Current predictions - average for the country so ignores the regional differences (which can be significant):

gj373

Hmm based on those predictions the fix offered looks appealing. I'm in Scotland so I'll be shafted by the standing charge which is unavoidable

GardenGirl77

gj373 said:

Ah good so I could probably hold off taking this deal and see what the price cap is. I guess the cap could go up again in December though? Or it could go down

This has become too difficult. I can only be grateful I've been protected from this for 2 years

I'm in the same position and received an email from Sainsbury's this morning (tho I'm in Yorkshire so the rates are slightly different). I'm a bit concerned that when the new price cap is announced the fix could be withdrawn if the cap is higher than currently predicted. As you said this is so hard but we have been in a good position up until now

gj373

I'm tempted to go for it as I can only see the cap going up in December and this offer may be withdrawn on Friday. Very torn

What are you thinking of doing garden?

gj373

Do exit fees start from the start of the new rate or from when you agree the fix?

matt_drummer

gj373 said:

I'm tempted to go for it as I can only see the cap going up in December and this offer may be withdrawn on Friday. Very torn

What are you thinking of doing garden?

Can I ask, why are you torn?

What is the possible gain in not fixing now?

What could you lose by not taking the fix when offered, let's say if costs go up by 25% in December?

There's potentially very little to gain by not fixing with a much higher chance of losing loads in my opinion.

I don't see what the dilemma is?

matt_drummer

GardenGirl77 said:

gj373 said:

Ah good so I could probably hold off taking this deal and see what the price cap is. I guess the cap could go up again in December though? Or it could go down

This has become too difficult. I can only be grateful I've been protected from this for 2 years

I'm in the same position and received an email from Sainsbury's this morning (tho I'm in Yorkshire so the rates are slightly different). I'm a bit concerned that when the new price cap is announced the fix could be withdrawn if the cap is higher than currently predicted. As you said this is so hard but we have been in a good position up until now

So why not grab the fix whilst it is available?

It's very unlikely that anything significantly cheaper is heading your way anytime soon.

Clicker9180

I am in the same situation. 2 year fix ending in October, got an email for a new offer today. Based on the "Should I fix my energy or stay on the Price Cap?" calculator on this website (won't let me post the link because my account is new) I'd save 4% compared to the July price cap.

My questions is, if I go for this fixed deal now, will it start in October when my old fix ends? Or will the new fix start now so I lose 1.5 months of my old cheap deal?