Find a fix more than 8%???

Bubble1971

Hi, I’m looking at energy prices and there are some slightly cheaper services. I have read the “Is it time to fix” page and it says “If you find a fix for up to 8% more than the current (July to Sept) Price Cap, it's predicted you’ll save over the year etc” Could someone please explain to me what that means, I know it's in simple language but I just can't take it in ☺️. 
I’m currently with Utility Warehouse on there value tariff and my annual usage is Elec 2722 kWh and Gas 6827 kWh. Thanks

Scot_39

No its as your text find a fix up to 8% more  NOT find a fix more than 8%.

So cheaper or 2,4,6, 8?% more than July still forecast cheaper over 12m, 9%, 10% etc more forecast more expensive.

Basically saying that over the next 12 months if you stay on svt you are forecast to pay 8% more over the year than current July costs would suggest.

So for instance CI now forecasting £1731 for df dd cap for Oct 2024, 10% more. Last year Oct 23 to Jan24 saw £94/ c5% more.


So basically any fix that is cheaper than total cost - (sc + svt rates times your consumption) plus 8% is forecast (and its only a forecast) likely to save you.

Some fixes were / are offering discounted sc by xxp, so it's not just a simple x% on unit rates - especially for lower consumers.

Have you tried putting your usage into comparison / switch sites like here on mse or one of the others ?

If you haven't yet read it have a read of 

https://www.moneysavingexpert.com/utilities/are-there-any-cheap-fixed-energy-deals-currently-worth-it/

Updated today. 

It contains a guide to some current fix offers - cap trackers - and trackers - options - where fixed pricing - placed against that 8% benchmark.

Edit : it contains 2 UW dealsbut these are tied to taking 2 or 1 other services at 4% or 6% - so both within the 8% - if you are in a similar tied deal  (but arguably then have to look at the relative costs of that tie in vs energy savings too).

MP1995

Bubble1971 said:

Hi, I’m looking at energy prices and there are some slightly cheaper services. I have read the “Is it time to fix” page and it says “If you find a fix for up to 8% more than the current (July to Sept) Price Cap, it's predicted you’ll save over the year etc” Could someone please explain to me what that means, I know it's in simple language but I just can't take it in ☺️. 
I’m currently with Utility Warehouse on there value tariff and my annual usage is Elec 2722 kWh and Gas 6827 kWh. Thanks

I would seriously consider outfox the market energy supplier as they are still (as of about 10 mins ago) undercutting the current July price cap by 5% for our region.

Scot_39

MP1995 said:

Bubble1971 said:

Hi, I’m looking at energy prices and there are some slightly cheaper services. I have read the “Is it time to fix” page and it says “If you find a fix for up to 8% more than the current (July to Sept) Price Cap, it's predicted you’ll save over the year etc” Could someone please explain to me what that means, I know it's in simple language but I just can't take it in ☺️. 
I’m currently with Utility Warehouse on there value tariff and my annual usage is Elec 2722 kWh and Gas 6827 kWh. Thanks

I would seriously consider outfox the market energy supplier as they are still (as of about 10 mins ago) undercutting the current July price cap by 5% for our region.

There are 2 Oftm on mse guide link above - but not that cheap on ave. 

Perhaps just further highlighting the need to get specific quotes for your own case - expected consumption and own region - rather than relying on generic tables.

MP1995

Scot_39 said:

MP1995 said:

Bubble1971 said:

Hi, I’m looking at energy prices and there are some slightly cheaper services. I have read the “Is it time to fix” page and it says “If you find a fix for up to 8% more than the current (July to Sept) Price Cap, it's predicted you’ll save over the year etc” Could someone please explain to me what that means, I know it's in simple language but I just can't take it in ☺️. 
I’m currently with Utility Warehouse on there value tariff and my annual usage is Elec 2722 kWh and Gas 6827 kWh. Thanks

I would seriously consider outfox the market energy supplier as they are still (as of about 10 mins ago) undercutting the current July price cap by 5% for our region.

There are 2 Oftm on mse guide link above - but not that cheap on ave.  Perhaps just highlighting the need to get specific quotes for your own case - expected consumption and own region.

The fix for the Eastern region is 1.2p kwh cheaper that 1st July price cap so fits the bill perfectly for a good potential fix.

What I have stated is factually accurate.. 

Scot_39

MP1995 said:

Scot_39 said:

MP1995 said:

Bubble1971 said:

Hi, I’m looking at energy prices and there are some slightly cheaper services. I have read the “Is it time to fix” page and it says “If you find a fix for up to 8% more than the current (July to Sept) Price Cap, it's predicted you’ll save over the year etc” Could someone please explain to me what that means, I know it's in simple language but I just can't take it in ☺️. 
I’m currently with Utility Warehouse on there value tariff and my annual usage is Elec 2722 kWh and Gas 6827 kWh. Thanks

I would seriously consider outfox the market energy supplier as they are still (as of about 10 mins ago) undercutting the current July price cap by 5% for our region.

There are 2 Oftm on mse guide link above - but not that cheap on ave.  Perhaps just highlighting the need to get specific quotes for your own case - expected consumption and own region.

The fix for the Eastern region is 1.2p kwh cheaper that 1st July price cap so fits the bill perfectly for a good potential fix.

What I have stated is factually accurate.. 

Sorry I wasn't challenging your post.

Just highlighting that the MSE table which I had suggested the OP to read (which has 2 - a -1 and a +5 iirc ) - are just averages.

A guide if you like.

And not to be trusted as the final word in personal pricing and savings.

And it itself advises getting your own quotes.

blahblah83

Hi forumites, I'm having the exact same issue trying to understand whether it's worth fixing my tariff. Would you be able to help?

I'm currently on 22.40p / kwh and 38.84p / day for electricity, and 5.28p / kwh and 30.60p / day for gas. The fixed plan offer is 23.29p / kwh and 42.62p / day for electricity and 6.02p / kwh and 24.49p / day for gas. By my calculations, that's about 4.67% more than my current July tariff, but will be less than the projected 10% for Oct and potentially for Jan too. And it's still below the 8% that MSE advises. But the MSE Energy Club calculator is not very impressed with this fixed tariff offer and says it's borderline.

Am I being a bit dim or have the recommendations not been updated on MSE? Should I just stay on the price cap?

Thank you for your help!

Qyburn

Your calculations will be more accurate. That's low standing charges by the way.

bristolleedsfan

blahblah83 said:

Hi forumites, I'm having the exact same issue trying to understand whether it's worth fixing my tariff. Would you be able to help?

I'm currently on 22.40p / kwh and 38.84p / day for electricity, and 5.28p / kwh and 30.60p / day for gas. The fixed plan offer is 23.29p / kwh and 42.62p / day for electricity and 6.02p / kwh and 24.49p / day for gas. By my calculations, that's about 4.67% more than my current July tariff, but will be less than the projected 10% for Oct and potentially for Jan too. And it's still below the 8% that MSE advises. But the MSE Energy Club calculator is not very impressed with this fixed tariff offer and says it's borderline.

Am I being a bit dim or have the recommendations not been updated on MSE? Should I just stay on the price cap?

Thank you for your help!

Fair guess would be MSE  Energy Club calculator has not been updated with advice ML/MSE is giving.

Low SC  region coupled with British Gas cheapest standing charges for fixed rates looks to me.