Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Fix the energy tariff now or stay on standard variable.

91 replies

SophieHasOneQuestion · 07/03/2022 14:58

I am with EDE and current tariff ends on 31st March.

I noticed that over the last 4 weeks, the my fix term tariff option has increased from £155 to £186 and this morning to £226.

I was hoping to stay on standard variable in hoping that better deal will come up, but it seems the deal is getting worse and worse.

In April, if ofGem increases the cap, will standard variable increase dramatically too?

Really appreciate and advice on if I should fix the deal (exit fee £100) or stay on the standard variable which is about £90 less.

Thank you very much.

OP posts:
Thread gallery
14
SamphiretheStickerist · 07/03/2022 17:34

No idea. But yes, The government would have to step in with something.

It's bloody scary!

Halllyup17 · 07/03/2022 17:37

@ClaudineClare

I put my details into U Switch. It said there are no plans available but there were details of some companies offering fixed rates. The prices were hideous and would be around £2,000 more p.a than what I pay on the standard variable!

God knows what we will all do when the cap goes up again in October.

I did that. Cheapest for us was almost £6k 😯 more than we pay now. It's extortionate.
DirtOnThePlough · 07/03/2022 22:08

I am so confused by thisBlush
These are the ones with my current tariff but April prices. It's not fixed, it's a variable rate.
I'll put the fixed rate ones in my next post.

Fix the energy tariff now or stay on standard variable.
Fix the energy tariff now or stay on standard variable.
DirtOnThePlough · 07/03/2022 22:09

These are the fixed rate ones.
I can't get my head around if I'm better sticking with what I have or whether to fix. Can anyone help? Hope you don't mind OP!

Fix the energy tariff now or stay on standard variable.
Fix the energy tariff now or stay on standard variable.
dementedpixie · 07/03/2022 22:21

Your fixed rate offerings are actually quite good @DirtOnThePlough. Electricity is 18% higher than the SVR and Gas is 17% higher.

It's likely prices will rise higher than those %s in October so I'd probably fix.

DirtOnThePlough · 07/03/2022 22:24

Thank you @dementedpixie. It's so confusing and worrying knowing what to do for the best. My boss got a letter today saying his office bill was going up by £1000 a year. It's scary.

anon2022anon · 08/03/2022 07:20

I would definitely think of fixing on that @DirtOnThePlough you'll pay a little more now, in the spring, but I imaging the fix in October will go higher than that, which is when it starts getting really used.

DirtOnThePlough · 08/03/2022 07:26

I could cry. It's no longer available 😩 unit price is now 40p for electricity and 10p for gas. Is it still worth switching?

I was reading the thread about oil prices last night and that is seriously scary.

SamphiretheStickerist · 08/03/2022 07:26

@DirtOnThePlough

These are the fixed rate ones. I can't get my head around if I'm better sticking with what I have or whether to fix. Can anyone help? Hope you don't mind OP!
Your offer seems to be in line with the advice "Take it" as it is less than 25% hgher than pre cap change and 15% of the first cap. That should mean that you pay a bit more over summer but make it all back plus some over winter.

One thing to check is the small print - check it doesn't say anything about the reserving the right to increase prices if necessary. There has already been some press coverage of this - a fixed price tariff that allows price hikes sounds mad, but, as I said, I have already read reports by ML included, about the possiility of this being a real thing!

SamphiretheStickerist · 08/03/2022 07:28

@DirtOnThePlough

I could cry. It's no longer available 😩 unit price is now 40p for electricity and 10p for gas. Is it still worth switching?

I was reading the thread about oil prices last night and that is seriously scary.

Oh no!

At 40p for electricity that would more than the mooted Oct hike of another 50% to make it viable, in my calculations/expectations. But I could be wrong.

But it does also put it way above ML current recommendations.

DirtOnThePlough · 08/03/2022 07:31

This is the new one. Worth taking or not? I'm concerned at the jump in
Less than 12 hours.

Fix the energy tariff now or stay on standard variable.
Fix the energy tariff now or stay on standard variable.
BarbaraofSeville · 08/03/2022 07:33

Sounds like there's been a rush of people signing up to the fix so the product has sold out Sad.

It's hard to know what to do. I was all set for staying on the variable, but I had a bit of a panic a week or so ago when they were talking about the price cap going up massively again in October and I signed up to the Octopus loyalty fix then. Has possibly paid off as fixes have increased in price twice since then Sad.

dementedpixie · 08/03/2022 07:35

No I wouldn't take it now but that's just my opinion. My loyalty fix just went to a really crazy price too so I'm definitely staying with the standard variable rate now

Fix the energy tariff now or stay on standard variable.
BarbaraofSeville · 08/03/2022 07:38

You're probably right @dementedpixie. We're also on Octopus and from that, it looks like the price of the loyalty fix has increased by about 50% in less than two weeks Sad.

dementedpixie · 08/03/2022 07:40

@BarbaraofSeville they have also changed it to a 10 month fix rather than 12 months

anon2022anon · 08/03/2022 07:58

I think it's worth keeping in mind that at the minute, there will be a mad rush of people trying to fix as they see the new variable prices, and the companies don't know how volatile the current situation is. In a month or 2, things might settle down a little. Not much, but a little.

DirtOnThePlough · 08/03/2022 07:59

The variable is for aprils prices so I might fix nearer to September ahead of the next hike.

anon2022anon · 08/03/2022 08:04

I think it's worth keeping your eye out in the summer- less people thinking of it, less news in the papers, so hopefully less demand.

User9805637 · 08/03/2022 08:04

A lot of companies are taking advantage of the stories in the DM of £5k yearly bills and are hoping people are going to be scared into an expensive fixed rate

GeneLovesJezebel · 08/03/2022 08:30

So my offer from SP is gas going up to 18.9p from 3.85p, and electric to 55.67p from 19.1p.
Gas standing charge up 3p, electric almost doubling.
Surely this can’t be right, I can’t afford that.
They are quoting that my DD would treble.

ClaudineClare · 08/03/2022 08:35

@GeneLovesJezebel

So my offer from SP is gas going up to 18.9p from 3.85p, and electric to 55.67p from 19.1p. Gas standing charge up 3p, electric almost doubling. Surely this can’t be right, I can’t afford that. They are quoting that my DD would treble.
That is daylight robbery. I would stay on the variable rate for now and then have a look around in a couple of months.
dementedpixie · 08/03/2022 08:35

Don't take the fixed rate then. They are also crazy prices you have been offered

ClaudineClare · 08/03/2022 08:36

BTW it is right. I got a quote from SP and it was 19p per KWH for gas. They are chancing it in the hope people will be scared into fixing as pp said.

User9805637 · 08/03/2022 08:40

Energy companies are hoping people are going to take the fixed rates out of fear so that they pay way over the odds until October, some are only for a year.

brainhurts · 08/03/2022 08:56

Hi all , I fixed a few weeks ago not sure if it's good or bad . Advice appreciated.

Fix the energy tariff now or stay on standard variable.
Swipe left for the next trending thread