E-On Next: Fix now or wait til Dec 31st?

plot64

Hi all,

So my E-on Next fixed rate tariff has just expired on 30th September, and I’m now on the default ‘Next Flex’ tariff. I assume prices on this are already adjusted as of the 1st October price cap change?

Inside my account, there are a number of deals offered to me; 

Next Secure Fixed 12M V2

Next Pledge Tracker 12m V2

Next Fixed 12m V2

Next Fixed 24M V1

With the top one being the cheapest - however even that, is still more expensive per unit rate than the default Next Flex I have been placed on coming out of my fix.

Should I secure the fixed rate for 12 months now and pay more than I would otherwise (at least until December 31st when the next rate cap change occurs), or stay on the Next Flex tariff until the end of December and re-assess come January?

I presume I run the risk of the ‘Next Secure Fixed 12m v2’ disappearing as an option between now and then though? And with January’s cap estimated to rise by 4% I’ve no idea what that does or means, in terms of how unit rate would be affected?

Curious to know what are others doing / energy-savvy peeps best guesses or recommendations are?

Thank you kindly

ampersand

30 days hath Septenber, not 31.

plot64

ampersand said:

30 days hath Septenber, not 31.

Any other helpful thoughts? 🙂

RG2015

plot64 said:

ampersand said:

30 days hath Septenber, not 31.

Any other helpful thoughts? 🙂

I was on an E.ON Next 1 year fix which was due to expire on 22 June 2024. In early October I saw that the Next Pledge tracker was lower overall for me at least until 31st December, so I switched.

If this becomes uncompetitive I always have the option to switch to another E.ON Next tariff.

You say that the cap is estimated to rise by 4% in January. But that may or may not happen. You are best off simulating various future scenarios and choosing the option that suits you best. 

spot1034

I'd be particularly cautious about forecasts of prices beyond Q124 which are at present based on wholesale prices for that period right now. As we get nearer, these will reflect more and more the realities of the situation we find ourselves in. In particular, the forecast for Q224 could easily change to reflect the situation in the Middle East, worries about pipeline sabotage and - this one's still completely unknown - how cold the northern hemisphere winter is. At the moment stocks of gas for the approaching winter are high, but prices beyond it are bound to be affected by how much storage levels have fallen during the winter and therefore need to be topped up during next spring and summer. The forecast for Q224 could change a lot in the next few months.