Have you cancelled your fixed energy tariff yet?

[loveisagirlnameddaisy]

I fixed with Octopus in July at what will now probably be a higher unit price for elec and gas than the new deal which has just been announced. I haven't seen unit prices yet for the govt cap - has anyone else?

Not sure whether to go ahead now and come out of my fix. There are no exit fees but obviously I can't go back onto it if I've made a mistake.

Just wait till the details are announced. Martin Lewis posted to say he's led to believe that fixed tariffs will also be reduced, so no point doing anything right now.

Wait until you've seen the new unit prices - I can't see that they have been published yet. Next few days I would have thought.

ML: 'IMPORTANT FIXED TARIFF INFO: I'm hearing fixed tariffs will have the same unit rate reduction as variable tariffs (ie roughly 30% off). So it looks like, unless you fixed at over the new Oct price cap level, your fix will be cheaper than moving to variable. More to check on this.'

Why can't you go back onto it if you change your mind?
I cancelled mine the other week and they're still offering the same fixed deal if i want it; I'm assuming they'll do a new fix offer once all the pricing is set for October onwards.

Good point - I was just assuming if my fix was still cheaper and I came off it, they'd remove it from the market. But maybe not.

This is very interesting and hadn't realised that was the case. Thanks!

I fixed at higher than the oct price cap, but lower then the predicted Jan price cap, also with Octopus.

So waiting to find out what happens but I imagine I'll come off the fix.

Hopefully fixes might become a bit more competitive now.

That's really interesting and not seen it before. I feel like we're in totally new territory now and the energy companies are also working it out as they go.

I fixed in October 2021 for three years and I'm sticking with it.

I'm waiting , there will be a lot more detail to come out from our energy companies. If I change now, I have to pay exit fees. If the fixed rates are changed by government and energy companies, I might save myself money.

After I heard a Martin Lewis programme a while ago I explained what was predicted to DH. DH then sorted a fix with OVO about a month ago.

He's now annoyed that we've done this and doesn't seem to think we can exit.

I feel a bit guilty for making a suggestion which might end up being the wrong call.

Absolutely no blame for ML. He was clear that this could happen and I am confident that he gives great advice in good faith.

Is there any official guidance out about fixed rates? I'm feeling wary of giving DH the wrong advice again!!

I fixed in July. It was higher than the April rate, but lower than the October rate. I'm staying put for now. Will see what the tariff price will actually be before I do anything. I think that even with today's announcement about electricity charges they are still going up (only not as much as the price cap was) so I still might be better off staying on my fixed tariff.

I hadn't seen what ML said until this thread.

This is what is written on the BBC website
"The prime minister did not mention fixed deals in her statement.
However, it is understood that suppliers are being asked to discount current fixed deals or allow customers to transfer to the cheaper variable deal without a penalty".

It's a really interesting situation. Prices will be capped for two years, so what's the incentive for energy companies to offer cheaper fixes. Do they really want those customers? In the past it was a hedge based on the cap and wholesale prices, but what's the business incentive now?

The email I've got from Hugo, which is an energy use monitor app, had new rates as roughly:

NEW PRICE FREEZE ELECTRICITY starts 1st Oct 33p per kWh
CURRENT PRICE CAP ELECTRICITY Ends 31st Sept 27p per kWh

NEW PRICE FREEZE GAS starts 1st Oct starts 9p per kWh
CURRENT PRICE CAP FOR GAS end 31st Sept 7p per kWh

Formatting is a bit wonky but hopefully it's clear enough

Hmm that doesn’t look as promising as I was hoping

Based on the unit prices Govt has provided,
I'm slightly better off staying on my fixed rate and accepting the reductions Octopus will apply. Electricity will be a few pence cheaper than the new SVR, gas will be the same.

Although I will be paying the higher prices for September.

Someone on another thread with EON said that they are refunding higher prices paid by those who fixed early. Sounds good!