Best to fix now or wait until September 30th? OVO

mcnoodle

Hi,

Currently with OVO variable rate, can see they offering a year fix that will presuming beat the price cap from October onwards.

If this is the case, is it better to stay on the current lower variable rate until say 30th September then fix last minute?

Thanks 

BarelySentientAI

If that tariff is still on offer on 30th September, and you are happy with what that would mean for the last 6 months of the fix (which nobody can predict with any accuracy yet).

Ildhund

No supplier is likely to be offering anything much lower than the forthcoming EPC rate in September. Remember, too, that there's often a quota on favourable fixed rate deals, so when the allocated number of accounts is reached, the deal goes away. It's a gambling game for both parties.

spot1034

Wholesale prices have been creeping up and frankly I am surprised that when it is now certain beyond any reasonable doubt that we are going to see a rise of around 10 percent in the price cap in less than two months from now, you can still fix at the present level of the cap. It really isn't easy to see how the forthcoming increase will be reversed to any significant degree in January, so that takes us through the whole winter.  Of-course who knows what might happen next spring, but there are some deals you can sign up to now which either don't have exit fees or will let you move internally without penalty if a better deal comes along. I can't believe these deals will be on offer for much longer, particularly with MSE's newsletter this week recommending they be taken up. 

Bungle73

spot1034 said:

Wholesale prices have been creeping up and frankly I am surprised that when it is now certain beyond any reasonable doubt that we are going to see a rise of around 10 percent in the price cap in less than two months from now, you can still fix at the present level of the cap. It really isn't easy to see how the forthcoming increase will be reversed to any significant degree in January, so that takes us through the whole winter.  Of-course who knows what might happen next spring, but there are some deals you can sign up to now which either don't have exit fees or will let you move internally without penalty if a better deal comes along. I can't believe these deals will be on offer for much longer, particularly with MSE's newsletter this week recommending they be taken up. 

This. I can't see how it makes any sense at all to leave it to so last minute.

born_again

Bungle73 said:

spot1034 said:

Wholesale prices have been creeping up and frankly I am surprised that when it is now certain beyond any reasonable doubt that we are going to see a rise of around 10 percent in the price cap in less than two months from now, you can still fix at the present level of the cap. It really isn't easy to see how the forthcoming increase will be reversed to any significant degree in January, so that takes us through the whole winter.  Of-course who knows what might happen next spring, but there are some deals you can sign up to now which either don't have exit fees or will let you move internally without penalty if a better deal comes along. I can't believe these deals will be on offer for much longer, particularly with MSE's newsletter this week recommending they be taken up. 

This. I can't see how it makes any sense at all to leave it to so last minute.

Not forgetting that the energy co's get a heads up on the prices before the public. So they can sort their systems out in advance.

As ever to fix or not is a question no one can answer with certainty. If we knew, then we all would be doing it. 

So it's the old toss a coin in the air & hope for the best.

Bungle73

I've noticed the prices on the tariffs being offered by firms are already starting to slip upwards. No way I would wait until the end of September.

RelievedSheff

Bungle73 said:

I've noticed the prices on the tariffs being offered by firms are already starting to slip upwards. No way I would wait until the end of September.

That's because the companies know that energy prices are going up as we head towards the colder months.

Anyone looking to fix has missed out on the cheapest deals for this year now.

mcnoodle

glad i fixed at the time