Fix Confusion / Not sure to do now or wait for July

20vt-rs

Hi all - I am in a little dilemma / confusion on my energy currently, hoping you can help! 

I am with Octopus on their August v1 fix from 2024, fixed until Dec 2025 on these rates:
Elec - 23.44p per KWH / Standing charge 65.12 per day
Gas - 6.37p per KWH / Standing charge 28.91p per day

I have an option to fix now on their May 2025 fix for the next 12 months at the following:
Elec - 25.38p per KWH / Standing charge 52.90 per day
Gas - 6.11p per KWH / Standing charge 31.08p per day

The reason I am looking into this now, is that I have an EV and looking to go on their Intelligent Octopus Go tariff (IOG), and thought I might try to fix the gas at the same time for longer throughout the next winter. Eventually I will end up on a gas fix of sorts, and electricity with IOG.

The IOG tariff rates are as follows:
Day rate (05:30-23:30) Elec - 29.17p per KWH / Standing charge 53.37 per day
Night rate (23:30-05:30) Elec - 7.00p per KWH / Standing charge 53.37 per day

I see that in July the price cap is coming down, and given that the elec will be on IOG then maybe I should wait to see if a cheaper fix is coming along? I assume that the IOG tariff will drop in line with the new price cap, as the standing charge above and rate is above the cap, or does this not work like that?

What is the best way to go ahead, confused.com ! Thanks.

Mark_d

I never wait for a cheaper fix.  If I can get a cheaper deal than I'm currently on, then I'll take it.

20vt-rs

Mark_d said:

I never wait for a cheaper fix.  If I can get a cheaper deal than I'm currently on, then I'll take it.

Yeah I’d go with that, thing is I’m not sure it is cheaper; might be marginally more but hard to tell as for gas as example, KWh rate is lower but standing charge higher. The thing it will give is fixing through all of the next winter.

there is not exit fee, so I guess I can switch again if a better fix comes out.