Have I made the wrong switch? Urgent help needed please!

Prof_FrinkProf

Hi all,

Last week I used Uswitch to switch from EDF Essentials Fixed 1Yr Oct25v3 to EON Next Fixed 18m v12 as this was the cheapest on Uswitch, but I'm wondering if I've missed the ball here.

The EON next came out cheapest as it guarantees to be cheaper than the price cap by £50, but with energy prices due to rise, should I have instead fixed with a provider that may appear to be more expensive at the moment, but end up cheaper in the long run?

I am still within the 14 day cooling off period with EON and I'm wondering if I should switch? Martin's newsletter lists a tariff that could be cheaper but the cutoff is 5pm tomorrow.

Any help would be appreciated, 

Thanks!

QrizB

You've changed to a fixed tariff, "EON Next Fixed 18m v12"?

And you're now worried that you might, in the future, find a different tariff that's more expensive but works out cheaper?

Qyburn

Prof_FrinkProf said:

Last week I used Uswitch to switch from EDF Essentials Fixed 1Yr Oct25v3 to EON Next Fixed 18m v12 as this was the cheapest on Uswitch, but I'm wondering if I've missed the ball here.

The EON next came out cheapest as it guarantees to be cheaper than the price cap by £50, but with energy prices due to rise, should I have instead fixed with a provider that may appear to be more expensive at the moment, but end up cheaper in the long run?

I am still within the 14 day cooling off period with EON and I'm wondering if I should switch? Martin's newsletter lists a tariff that could be cheaper but the cutoff is 5pm tomorrow.

Any help would be appreciated, 

Thanks!

The tariff you mention, "EON Next Fixed 18m" is a fixed tariff. Once you sign up it won't change no matter what happens to the price cap.

It's a different EON tariff "Next Pledge Tracker 12m" that promises to stay below the cap.

KTF

Impossible to say without knowing the unit prices for the different options.

mmmmikey

Hi - tariffs are constantly changing and all you can ever do reliably is go for the best fix at the time you come to renew. Anything else is a gamble and you often lose more by prevaricating. Even if this time round you could have saved 1% or 2% by waiting, you didn't know this at the time and were equally likely to have lost 1% or 2%. Best thing now is just to shrug your shoulders, sit back and relax safe in the knowledge that if something dramatic does happen to make energy prices go up significantly it won't be a problem for you. Plenty of things could happen to cause another price shock - who knows what effect Trump will have if he stirs things up in Ukraine or starts a global trade war? As those without fixing are watching the news stressing about all the things that can go wrong, you can sit smugly back and relax. FWIW I think you did exactly the right thing - chose the best fix available at the time you switched. Chill