New Fixed Tariff - Decisions Decisions?!

nat8882

Looking for a “coin toss” on which new deal to go with and hoping you guys can help!

I’ve enjoyed a super fixed rate with EDF for the last 3 years. I’ve been lucky enough to avoid all the crisis with energy prices so far. My deal is coming to an end so it’s time to ‘face the music’.

I know our usage and have scoured all the comparison sites, checked out a few suppliers direct and think I’ve narrowed it down to 2 or 3 options. I think I can say we’re medium users of gas and high users of electricity. Looking for opinions on the following scenarios:

1 OVO 12M fixed, estimated monthly cost £197.06; combined unit price 28.35p per kWh; combined standing charge 84.882p per day

2 OVO 24M fixed, estimated monthly cost £189; combined unit price 30.062p per kWh; combined standing charge 84.924p per day

3 E.ON Next 12M fixed, estimated monthly cost £168.33; combined unit price 25.78p per kWh, combined standing charge 94.96p per day

I think because we’re on the higher side of usage, option 3 might be the best deal but the 24M fix is appealing? 

WWYD? Option 3 lower price but roll the dice next year or Option 2 higher in price but more certainty for budgeting??

timjim

How is OVO 24m (£189) less than 12m (£197) when the unit rate and standing charges are higher on the 24m deal

BarelySentientAI

Combined unit price?  What's that?  I hope you haven't just added them together because that doesn't really mean a lot.

Medium gas and high electricity would still mean using three times as many kWh of gas as electricity, so 1p extra on the gas price would cost you three times as much extra as 1p on the electricity price.

Also think about the balance between gas and electricity unit prices for possible changes in usage pattern - changing the heating settings or a mild/cold winter would make a big difference to gas and not much to electricity, but buying an EV or energy saving from your 'high' consumption would be the other way around. 

nat8882

I had added the unit charges together for my own sanity as I have four pages of figures and a cold so brain is a bit fried!
Based on 2023, our electric usage is 5725 kWh and gas is 11023 kWh. This was put in to generate the quotes.

nat8882

This was the OVO 12M fix details.
We rent so it rules out the Utility Warehouse deal above.

spot1034

The offer from E.On Next appears too good to be true. As an existing customer the best rate - a 'special offer' - I am being offered for electricity on a 1 year fix is 24.36p. Admittedly I am in a region (Eastern) where the SC is a bit lower and unit price a little higher, but that just looks too cheap for the present market. Gas on the same tariff 5.7p. I'd query it. 

BarelySentientAI

5725 kWh isn't just high, wow!

I have no idea how you've got the OVO 12m monthly cost like that - it's cheaper than the 24m on all four aspects.

What you need to consider then, is how much higher would 12m fix prices need to be next year to make up for the extra you would be agreeing to pay in the first year.

Assuming no usage change, you would need the electricity price next year to be  26.29p and gas to be 7.76p - or 26% higher and 50% higher than the E.ON fix respectively.

As spot1034 says though, that E.ON fix looks pretty low.

bristolleedsfan

spot1034 said:

The offer from E.On Next appears too good to be true. As an existing customer the best rate - a 'special offer' - I am being offered for electricity on a 1 year fix is 24.36p. Admittedly I am in a region (Eastern) where the SC is a bit lower and unit price a little higher, but that just looks too cheap for the present market. Gas on the same tariff 5.7p. I'd query it. 

Go Compare have categorised Pledge Tracker as Fixed, shows within fixed results  when filter changed.

Next Pledge Tracker 12m V5

Fixed tariff for 12 months

Robin9

Had the same EDF 3year but Electric only ending end Sept) WOW haven't those Standing Charges gone up

Unit Rates	23.825p per kWh
Standing Charge	62.717p per day

Gone for a 2 year fix with EDF

nat8882

BarelySentientAI said:

5725 kWh isn't just high, wow!

I have no idea how you've got the OVO 12m monthly cost like that - it's cheaper than the 24m on all four aspects.

What you need to consider then, is how much higher would 12m fix prices need to be next year to make up for the extra you would be agreeing to pay in the first year.

Assuming no usage change, you would need the electricity price next year to be  26.29p and gas to be 7.76p - or 26% higher and 50% higher than the E.ON fix respectively.

As spot1034 says though, that E.ON fix looks pretty low.

Typo: 5275 (need another dose of cold and flu!) but I think still high?

bristolleedsfan

nat8882 said:

This was the OVO 12M fix details.
We rent so it rules out the Utility Warehouse deal above.

UW value tariff is a variable rate tariff

OVO 12 month is a boiler cover linked tariff. - SC reduced to reflect boiler cover premium needs to be paid.

Preferences

Tariff availability

Wide market view

Tariff type

Fixed

Cheapest dual fuel 12 month fix  - UW Fixed Saver 24 - 2 service bundle

followed by

 Outfox The Market -  Fix'd Dual Aug24 v3.0