British Gas fix WARNING!

malc_b

Hi,

I've had an offer from BG to fix my electric before the price rise in Jan.  Martin said 1% above "what I pay now" is worth thinking about so I had a look at the BG offer and got a quote.  The results of the quote for my address (I was logged in) were:

This is the tariff you currently have with us. SC 49.966p/day  Elec 28.790p/kWh

Fixed Jan25v1  SC 48.341p/day  Elec  28.064p/kWh

This looks good, both are less than I paid now, SC is -3.3%, Elec is -2.5%.  Except this is a LIE.  I found another email saying my current rate, until 31 Dec, is SC 49.986p/day, Elec 27.510p/kWh.  The price BG say in the quote is "my current tariff" is actually the 1Jan version.  It has the 5% increase in it.  Hence the fix is not 2.5% lower but 2.5% more that I currently pay.  A rubbish deal.

Beware!

malc_b

I should add that even when I am logged in and select tariff details I still shown the 1 Jan rate and the last bill I can see online is Aug 2023 so again I can't see the Oct-Dec rate.  The only place I can find the current rate was in this one email.

JSHarris

Fixing now is madness, as prices are going to fall come April, for sure.  Even the BBC (notably pessimistic about energy pricing IMHO) were saying on the news this evening that come April prices are expected to fall.  I'd be as sick as a parrot if I opted for a fixed price based on close to January 2024 prices, only to find that prices drop significantly three months later.

Probably still better for most to stay with standard variable tariffs for now, at least until there is some indication of prices starting to get back to normal, with far less fluctuation.

malc_b

You're likely right but as Martin says fixing can be attractive, what is it worth to ensure no shocks?  What annoyed me is how I was lied to.  Martin said 1% above current rates was worth considering, although the last show revised that downwards as I recall.  When I saw what I thought was 2.5% BELOW current rates I thought wow Martin said consider 1% above and this is 3.5% LESS than that.  What a good fix.  Except it was all a lie.  I was being deliberately mislead.  There was no way from my BG online account to see my true current rate.

BTW, if anyone has a working smart meter I've found that the current unit rate can be found on one of the menu screens, if you did through the menus.

Billxx

In the news today the likelihood that rates may rise in order for the suppliers to negate the effect of customers debts.  Price cap to increase by about £16pa. No one has a crystal ball, and at least if you fix you avoid the shocks, but pay a bit more.