Conflict in the Middle East: Martin Lewis' 'get off the Energy Price Cap' mini briefing

EssexHebridean

remember that tracker has a long waiting period for a return - so if you think you might longer term want to stay on it, you need to factor that in to the decision making process. If I was in the position of wanting to jump off a tariff right now though, I honestly think I would be going to the SVR - it’s cheaper than just about any fix you are likely to find, and you have the advantage of being able to instantly jump to any decent fix that does pop up.

JimmyDeemo

That's a fair point, thank you.

Just to confirm SVR is Standard Variable Rate?

tfhnota

The boss of Octopus very recently said he had bought the electricity for the old one year fixes already so the auction price is not the whole story

aidstation82

https://forums.moneysavingexpert.com/discussion/comment/81911543#Comment_81911543

My thinking is this: Come off Tracker now, enjoy lower rates on standard Flexible tariff until end of March, then a further 7% for three months as the new price cap kicks in. That should give enough time to see how things are panning out to then be able to make a decision on whether to go for a fixed tariff (if available…) or stay on the standard tariff.

That's at least four months (now until end of June) out of the nine months you're unable to return to Tracker. And even if things improve, it's summer/autumn for the remaining five months so usage will be lower, or you will have moved to a fixed tariff by then.

And if it gets even worse in the next four months and the price cap on standard tariffs increases dramatically in June onwards, I can't help but think the government will step in and do something. Maybe…

Swipe

I'm staying on the SVR for now. If it gets out of control I'll just heat the body and use less energy to compensate.

michaels

https://forums.moneysavingexpert.com/discussion/comment/81911657#Comment_81911657

A real win for a supplier if they have already bought but not yet sold the fixes, they can up the fix prices as the market rises and coin in the profits.

Of course buying ahead it can go the other way too.…

I am a bit embarrassed to mention this, I was doing a new fix yesterday with utility warehouse where you bundle broadband and a SIM for extra savings. I got the energy quote then went off to check that the broadband and SIM add ONS made financial sense and when I came back the energy fix I had in my basket had become unavailable and the new fix offered was 40% ie £1000 a year more expensive. Possibly one of the most expensive price check attempts ever....

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/81911628#Comment_81911628

Yes - SVR is the Standard Variable Rate (suppliers do use different names for this).

These days the suppliers' SVR is (almost universally?) the same as the Ofgem price cap.

Qyburn

https://forums.moneysavingexpert.com/discussion/comment/81911628#Comment_81911628

Octopus say if you come off Tracker you have to wait 9 months before rejoining.

https://octopus.energy/tracker-faqs/

JKenH

Energy suppliers are being hit with increased prices for gas now but won’t be able to recoup them from SVT customers until July. That will cause cash flow problems and potentially collapse of some suppliers who haven’t hedged. That in turn will lead to companies like Octopus taking on customers of failed companies and having to buy gas/electricity at the prices prevailing at the time.

If the war is over by July then no doubt there will be much bleating about why the energy price cap is going up while wholesale prices are falling.

Zaul22

Does anyone know if the tariff people at the energy companies work weekends, or the current rates will be frozen until Monday?