Considering a 2 year fix...

The_Groat_Counter

Martin and the MSE team sensibly don't try and offer any strong advice regarding fixes longer than a year "as the market is too volatile".

However, having mentioned it half-as-a-joke in this thread (about Octopus Tracker), I'm actually wondering if it might not be such a bad idea. (Also, I must add that the comment that prompted my reply was sarcasm, so please don't pile onto them!)

I've been following world events with interest - perhaps a bit too much interest, as I'm not sure it's good for you! - and I struggle to see the arrival of peace and harmony any time soon, rather I can see quite the opposite, unfortunately.

Even if some form of 'peace' a.k.a. surrender is somehow forced by Trump on Ukraine (which itself is kind of hard to imagine), the world has changed and Europe would still have an escalating defensive posture.

Cheap Russian gas is not about to make a comeback to (most of) the rest of Europe, and I wonder just how reliable one can consider the supply of LNG from the US to Europe will be going forwards given events.

So with all that said, I'm wondering if I should put my money where my layman's analysis takes me, and go for a potentially pricey 2-year fix...

MSE's advice does suggest considering longer fixes "if you want longer-term peace of mind"... to be honest the prospect of having slightly cheaper energy bills would be of cold-comfort in the context of a deteriorating geopolitical situation... but I guess it'd be something!

QrizB

At the risk of telling you stuff you alrady know, a fix gets you certainty - so long as your supplier doesn't go bust (a moment of silence for poor Zog Energy, please, at this point, a well-run business whose wholesaler hadn't hedged).

If you can find a 2-year fix which isn't far from the current capped SVT and has acceptable exit fees, you might be able to have your cake and eat it; certainty with a back-door.

Per MSE's Cheap Energy Club Outfox the Market, for example, have a choice of 18- or 24-month fixes that would save me ~8% vs. the SVT, if I was on the SVT.

The_Groat_Counter

QrizB said:

At the risk of telling you stuff you alrady know, a fix gets you certainty - so long as your supplier doesn't go bust (a moment of silence for poor Zog Energy, please, at this point, a well-run business whose wholesaler hadn't hedged). [...]

MSE's Cheap Energy Club has pointed me to a 2 year fix with So Energy, which is not a firm I know much about. It seems like a good deal - a little more expensive than the 1 year fix I could get with my existing supplier (EDF)... if of course that EDF tariff is still available late next week (when I'll be able to change fee-free from my current fix).

Having had a quick search around re So Energy, one potential stumbling block could be their competence (or otherwise) regarding smart meter installation and commissioning. I have a dumb-meter, which I think might be coming to the end of its certification period, if so it'll obviously need to be replaced.
(There's also a potential complication with a smart meter installation at the property too - so it might be easier to try and have it done with EDF, whose customer service seems much improved after adopting a new approach alongside Kraken.)

Telegraph_Sam

I was with So Energy before joining Octopus, and I was examining what they had to offer now. One aspect is worth a mention should it turn out that they can convert to smart meters:  I believe the exit fee is £150 if I'm not mistaken whilst the Octopus fixes have none. Almost a case of having your cake and eating it in the current environment. The "freedom" is worth a penny or two on the charges. [ can someone let us know what the EDF exit fee is?]

The_Groat_Counter

Re what EDF offers me - for their 1-year Simply Fixed Direct Jun26v5 there's no exit fee, and for their 2-year Simply Fixed 2Yr Mar27 there's a £100 exit fee (£50 per fuel) - though their 2 yr fix isn't in my consideration.

For Octopus, the 14 month fix I'm offered doesn't have an exit fee - but for me it's more expensive than both the EDF fixes.

TroubledTarts

There were a few canny people that fixed for three years before the last time energy markets very extremely volatile where the Government had to step in.

As others have put it, if it gives you piece of mind and you are happy with he costs and the exit fee should prices plummet then it will work for you.

joesoap1264

The_Groat_Counter said:

QrizB said:

At the risk of telling you stuff you alrady know, a fix gets you certainty - so long as your supplier doesn't go bust (a moment of silence for poor Zog Energy, please, at this point, a well-run business whose wholesaler hadn't hedged). [...]

MSE's Cheap Energy Club has pointed me to a 2 year fix with So Energy, which is not a firm I know much about. It seems like a good deal - a little more expensive than the 1 year fix I could get with my existing supplier (EDF)... if of course that EDF tariff is still available late next week (when I'll be able to change fee-free from my current fix).

Having had a quick search around re So Energy, one potential stumbling block could be their competence (or otherwise) regarding smart meter installation and commissioning. I have a dumb-meter, which I think might be coming to the end of its certification period, if so it'll obviously need to be replaced.
(There's also a potential complication with a smart meter installation at the property too - so it might be easier to try and have it done with EDF, whose customer service seems much improved after adopting a new approach alongside Kraken.)

Mse and uswitch are pointing me to So energy, but cannot find if they require a smart meter.?
I am with Scottish power at present for years now, no smart meter, don’t want one,even though they pester me constantly to have one, meter needs changing, etc, is it a requirement with So ? 

sp have a bad rep but they supply my energy and I pay them, that’s all I want.
my son moved into a new house three years ago, So was the supplier, they coaxed him into having one, 2 months later it went dumb, still is, won’t fix or change it !