What would you do - energy bill

[Waxonwaxoff0]

I'm on a fixed tariff that runs out next month. The energy company have given me 2 options - fix for 2 years at nearly £200pm more than what I currently pay now, or go on a standard/green tariff at £60pm more than what I pay now until October, but risk getting hit by another unknown increase in October. WWYD?

I wouldn’t fix at the higher rate. The October cap increase is expected to be 32% so a fix only makes sense if the £200 is less than a 32% increase.

the only snag is expected not confirmed so there’s uncertainty there.

I wouldn’t fix. If you wanted to, you could always save the difference and over months and months you’d have quite a few hundreds saved up to cover any other rises.

Thanks. I'm shit at maths. Bill is currently £78, the variable will be £140 and fixed would be £259 so doesn't sound worth it to fix.

I pay £105 pm at the moment and am in the same position. Variable tariff works out at £190 but the best fixed rate I was offered was £350 😱

I genuinely don't know how people are going to manage. I'm lucky that I can absorb the costs, there is lots I can cut back on if necessary but some people are barely scraping by as it is.

It's crazy. I work in the public sector with vulnerable people who are already near poverty. Sadly I was speaking to a young colleague who is not poorly paid but will be unable to afford her energy costs. A full time worker earning near the average salary. It does not bear thinking about.

Same here I can’t pay my bills atm they were 120 a month and now they are 220 a month and I could barely afford my bills before the increase I don’t understand what I will do

You need to look at the unit cost of the electricity.
current standard variable is just under 29p per unit or kilowatt hour. Some of the fixes I was offered were at 50p per unit or higher.
martin Lewis has some good advice about when to fix and the general gist of it is don’t fix if the unit cost is more that 25% higher than the current standard variable. Which is roughly 36p.
costs are going up in the autumn but may drop next spring.
if you fix at 50p now you would be paying 23p a unit more than the standard variable all summer so it wouldn’t be a saving next winter.