Just changed supplier and fixed rates after International developments

peter021072

I know it might take some time to feed through, but I thought it might be a good time to fix energy rates now the cost of Energy has increased. I think the advice was to fix before this.  I've changed to Ovo's 1 year fix which includes gas boiler service/repair.

mmmmikey

peter021072 said:

I know it might take some time to feed through, but I thought it might be a good time to fix energy rates now the cost of Energy has increased. I think the advice was to fix before this.  I've changed to Ovo's 1 year fix which includes gas boiler service/repair.

I think you make an excellent point that has started to get a bit lost. Fixing doesn't guarantee the cheapest price but it does protect you from sudden price increases. In "normal" times it can be difficult to assess whether SVR or fixing will give you the best price and although it's a gamble it often doesn't make a huge difference in the general scale of things. Fixing gives you some protection against sudden increases due to war and the like, and it's easy to see that there is a real risk of a price shock if tensions in the middle east or elsewhere escalate. Given that it's not likely to cost a great deal more to fix (and may even save you money) then it seems to me that fixing now would be a prudent thing for the vast majority of people.

Worth remembering that some of the TOU tariffs are fixed so fixing doesn't exclude you from taking advantage of the cost savings there.

debitcardmayhem

The only downside is the £200 exit fees, so you are locked to otfm.(oops OFTM ….)

MarzipanCrumble

Just renewed a fix with Octopus.  Israeli/Iran war is going to raise fuel prices - Israel is already bombing Iran oil sites.  

This will have an indirect impact I feel.  As my renewel has no exit fees am happy I can change if becomes cheaper.  Also it does not begin until the endof of my present fix with Octopus.

Scot_39

Fixes used to even carry a small premium - 2 year ones at any rate.

I used to put parents on fixed pension income on them at SP and SGas.

My sister was still on one - with iirc an initial 3.2% over svt at time of signing - taken for stability - with SP when Ukraine kicked off and then SoLR.  That 3.2% was dwarfed by 1st big Ofgem rise.

When it ended her rate and standing charges literally doubled overnight.

RelievedSheff

We have signed up to the 2 year fix with OFTM. It the cheapest fixed rate available in our area by far and gives us some comfort that we won't have massive price hikes in the next couple of years.

If they offer a cheaper fix we can switch tariff with OFTM for no cost, they don't charge exit fees if you switch to another of their tariffs.

lohr500

After listening to the news yesterday, I decided to top up our oil tank in anticipation of price rises.

I've ordered 800 litres at £0.518 including the VAT.

The price was at a two year low anyway, so it seemed a fair bet to lock in an order at yesterday's price. 

The_Hawk

Just switched my Gas, from my existing fix with Octopus, to Octopus 12M Fixed May 2025 v2.

I don't think this fix will last much longer and I'm swapping an increase of approximately £1 per month through the summer/early autumn for certainty through next winter, with the knowledge that if prices come back down I can switch again (no exit fee).

peter021072

MarzipanCrumble said:

Just renewed a fix with Octopus.  Israeli/Iran war is going to raise fuel prices - Israel is already bombing Iran oil sites.  

This will have an indirect impact I feel.  As my renewel has no exit fees am happy I can change if becomes cheaper.  Also it does not begin until the endof of my present fix with Octopus.

I've changed from variable Octopus to Ovo, but according to the comparison site the latter has the cheaper fix even with the additional servicing. However, I've just leant that Ovo will charge me on the 23rd June in addition to the bill from Octopus at the start of this month.  I think it's because have chosen a rapid changeover date in a few days time.

I had a similar problem when changing Internet provider, it seemed like an increase because the new one charged up front.  Presumably one will rebate in both cases, but I'll have to remember.  I bet many a company profits from confusion during the changeover if the customer doesn't check.

I'm still on the 2 week cooling of period anyway.

northernstar007

i did move last month to edf fixed till 1st sept 26 and excellent rates for the north east electric 23.856p and gas 5.488p and 78.8p SC combined, no exit fee also cheaper than octopus and still is
oftm has cheaper electric unit, but gas price is higher, cant have it both ways 

littlemissbossy

I have an Octopus 12m fix that ends early October. I’ve just switched to their current 12m fix. It will cost an estimate of £90 pa extra but with no exit fees I feel I have protected myself either way.