Fixed deal ending ... wait for the July price cap announcement?

abxbsk

My current fixed deal with OFTM ends on 23/06/2025.  I'm almost in the 50 days no penalty window however should I switch now do it now or wait to see if there will be cheaper fixed deals available when the reduced July price cap annoucement happens on the 27th May 2025?  Crystal ball gazing I know but I was wondering if anyone had any experience of this previously please.

sheffieldeagle

Hi

As Martin always says don't confuse the price cap and fixed tariffs. They are different animals.

Cheers

abxbsk

sheffieldeagle said:

Hi

As Martin always says don't confuse the price cap and fixed tariffs. They are different animals.

Cheers

Thank you I do understand the difference between the price cap and fixed tariffs.  I was after some advice on whether there will be cheaper fixed tariffs announced at the end of May when they announce what the new price cap will be from 1st July or if its better to fix again now.

bristolleedsfan

abxbsk said:

My current fixed deal with OFTM ends on 23/06/2025.  I'm almost in the 50 days no penalty window however should I switch now do it now or wait to see if there will be cheaper fixed deals available when the reduced July price cap annoucement happens on the 27th May 2025?  Crystal ball gazing I know but I was wondering if anyone had any experience of this previously please.

Might be worth comparing OFTM current fix which is regarded as being on average 16.4% LESS than current energy cap with your current tariff rates, posts on forum have said OFTM been allowing change to another fixed tariff with no exit fee charged. ( Would need to ask them)

spot1034

The trend in wholesale prices in recent weeks has been downwards which is why cheaper fixes keep appearing. If you think this trend will continue, and if your present fix is still cheaper than what is available right now, there should be no rush. If that isn't the case, then your best bet would probably be to sign up to a fix which allows a move penalty free should a cheaper one become available. As others have said, the new price cap is irrelevant. It could be that the announcement of the July price cap - quite likely now to be substantially lower - will coincide with a spike in wholesale prices that results in more expensive fixes just as the price cap is going down. I'm not predicting that, but it could happen.

GlitterMedusa

I'm coming up to the end of my fix and couldn't find anything that was cheaper than what I was on, other than try Octopus on a combination of tracker and agile. However once I'd initiated the switch, I got a call from retentions and ended up staying with with my existing supplier as they gave me a rather good deal. 

So haggle with your supplier! I did have a stack of figures ready to give them (don't forget to include any possible referral bribe in your calculations)