To move to flexible or to fix?

Toomuchdebt

My loyal octopus tariff ends on April 2nd. I had an email telling me I would be moving to the flexible rate which at the moment works out cheaper than their other fixed rates. Question is do I go to flexible and see if any other fixed rates pop up and risk prices going up again in a few months or do I fix now and overpay for the next couple of months while prices drop? I would like to stay with Octopus so please no suggestions about moving to another company.

Alnat1

I would think it might be worth overpaying for a few months. We're heading into summer when you usually use less energy anyway and if the situation continues prices will only be heading in one direction. Even if things are sorted quite soon, it could take months until normal service is resumed.

stripling

https://forums.moneysavingexpert.com/discussion/comment/81944147#Comment_81944147

I agree with this. If you go beyond the headlines and check energy traders and analysts they all say that even if things in the Persian Gulf stopped tomorrow it would take a long time to resolve the market issues and competition for alternative supplies will be fierce. Repairs and restarting facilities are not overnight things - they take time. Plus the Gulf as a 'reliable energy brand' has taken a massive hit never mind the cost of insuring tankers.

Meanwhile, Trump… [🤦🏻‍♀️]

If it helps, I'm about to do the same with Fuse. My fixed rate contract expires in early August but I'm going to sign a new 12 contract that is very slightly more expensive, today. It buys me psychological peace about my energy costs.

Don't forget you have 14 days 'cooling off' time to change your mind after signing for a new deal.