Fixed gas elec rates

[mowglika]

I just got a quote from my current provider to fix at 44.29p per kWh for electricity and 13.15p per kWh for gas.

That’s crazy considering last October I was on 18p and 3p respectively!

What is everyone fixing at atm?

Ovo is 39.6 and 11.9. The standing charges are 56.1 and 27.5. That is for dual fuel and fixed for 2 years (early exit fee of £60 per fuel). According to MSE that is the best open market deal currently. Grim.

Bloody hell.. and this is what we’re being urged to fix at? What more wonders await us in the autumn 😩

I've not fixed to anything and am still on the variable rate. My supplier isn't offering an attractive rate tbh

Who's 'urging you to fix'?

I wouldn't fix at those prices. Martin Lewis is currently saying if you can get a fix at up to around 30% above the current price cap then its probably a good idea but those prices are over 60% above so probably not.

Just do nothing and you'll go onto the price cap tariff which is expensive but not that expensive.

Keep an eye on any loyalty tariffs offered by your supplier and also what Money Saving Expert is saying and be prepared to sign up straight away if you spot a decent fix as good ones sell out in hours. But watch out for termination fees, these can be a lot higher than they've previously been.

I think the MSE advice has changed this week due to the most up to date predictions for the cap rise in October. It is now predicted to be over 50% and the advice is to fix if you can get a deal at 40-45% above the current cap. The OVO one works out at 46% (according to MSE).

Martin Lewis has suggested to fix only if the offer is below a percentage which they think it will rise.
Im with ovo I have a customer deal offer to fix at 39p/12.11p which is still way over current variable but I’m still unsure to be honest. wether to risk it or stay variable.
I would only fix for a year as surely they can’t keep rising. Next

We are just coming out of a two year fix so these prices are bonkers although not a shock as I’ve been well aware.

@BarbaraofSeville I thought the advice from Martin Lewis was currently to fix if possible due to price rises coming in autumn.. but if there aren’t any reasonable deals to be had then I guess it’s a moot point

I’ll have a look at the ovo deal thanks

We’ve un-fixed since they offered us a best deal of nearly £600 a month. Variable is currently about £370

You'd only fix if the fixed rate was under the price rise that's due to come in. No point fixing if the fix is above the projected price cap rates.

Octopus have not offered me a decent rate so I'm staying on the variable rate for now

Martin Lewis told people not to fix last autumn, so many people would be on much better deals if they hadn't listened to him.

MSE latest is here - basically no fixed deals worth switching to as a new customer, very few as an existing.

From my POV even the best fixed deals also carry the risk that if the Russia situation does stabilise (currently unlikely but these deals are 2 years) there may be a sudden glut of gas on the market and prices may drop a lot. Though you need to trade that off against the likelihood of further shorter term rises if Putin turns off the taps to Germany this winter.

But if they'd have fixed last Autumn, they'd have overpaid last winter at the time of year when they used the most, and probably be paying around the same now either way.

Then the fix would likely be running out just in time for the April 22 price rise to kick in.

Plus no-one could predict the scale of price rises and loss of suppliers that have happened in the last year.

I was already on a fix last Autumn and it ended in February this year. I haven't seen a fix that is worthwhile taking on yet