mumsnet wisdom on energy tariff please

[ForfuckssakeEXHstopbeingatwat]

Hi all - I know this has been done lots of times but struggling a bit to work out the best thing to do. Fixed tariff ends this month, currently paying £110 p/m. At the moment, the SVR tariff would be about £150 a month which is fine as an increase but the new two year fix would be more like £230. Now that seems like a no-brainer but when the cap goes up in October, obviously it could be more again. The difference between the two as its stands is about £840 p/a. I dislike risk and usually would always go for fix but equally don't want to fix, and then have global events / change of Tory leadership etc mean the October rise doesn't happen or is much reduced. Aggghhh. Any thoughts? I'm a SP so its all down to me to work out what to do. Thanks

Have a look at this:

www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

Also make sure you compare unit costs and standing charges, not just £ per month as that can be skewed by paying extra to pay off debt or to get ahead with expected price rises over winter.

We came off our fixed tariff this month and went right back on a 2 yr fixed.

It was 57% above the SVR so per Martin Lewis worth doing as the October increase is going to push the SVR up by 65% and the January will be another 5% increase (or so they say).

Now I agree the government could decide to stop faffing about and do something for the crisis. But don’t have my hopes up for anything by October tbh. I think they will wait and react. However if they do something major by January, my exit fee is £150 for electricity and £150 for gas and I’ve already decided it’s worth £300 to me if the prices drop significantly due to government intervention and I need to exit and get on another tariff. I also think if the government intervene it will likely be more of the same- windfall tax and government rebates to us, perhaps more funds for insulation or heat pumps- but not anything actually lowering the prices. This is because the prices are based on international wholesale prices and the U.K. can’t really change those.

You need to look at price per kwh and standing charge rather than monthly direct debit amount.

Thank you. Good point about exit fees. I shall work the figures again.