AIBU to ask: Is anyone actually fixing their fuel prices?

[FrankWelker]

Posted on here for traffic
Is anyone actually fixing their fuel prices at these exorbitant prices? We have been quoted over £699 per month for dual fuel with Scottish Power.
Or are people just not fixing and going to use less??
Really stuck with what to do!

I fixed with Eon’s offer earlier this month. It worked out at 79% increase. So below predicted rise in October. Fingers crossed 🤞. Bonus is no exit fee.

How did you work that out?

where did you get the info from to work out your increased cost of unit?

I genuinely don’t understand how it’s possible for you to spend only £25 more per month for a 4 bed house with more people, I really don’t. My usage is quite sensible

Heating 16 degrees in the winter between 6-8am and 4-7pm the rest of the time it stays warm enough usually only between very late October and mid March. When I say warm enough we still need to wear thick jumpers and trousers the odd now and again the fan heater comes out to heat a room for a short while. We do both shower at the gym and work rather than at home. That probably is a big contributing factor.

No tumble drier which can get tricky in the winter but we put clothes airers near the rads and that works just fine. Open the window a little to stop any damp. Remembering to turn the telly and lights of when leaving the room.

Not meant as a lecture but giving you an overview as you have shown interest.

Does anybody know what the projected rise per kwh is for Jan 23?

You take the new rate and take away the current rate to get the difference. Take this value and divide it by the current rate and then Multiply by 100 to get the % difference.

E.g. I currently pay 27.84p/kwh and the fix I'm offered is 68.80p/kwh so 68.8 - 27.84 = 40.96
40.96÷27.84 = 1.47 x100 = 147% higher

Haven’t read all the replies but here is a table with the projected price increases. If the fixed rate you’re offered isn’t less than this you are better staying on variable and hoping for the best -

(Taken from www.facebook.com/groups/966754150512356/?ref=sharewww.facebook.com/groups/966754150512356/?ref=share&exp=9594 )

Instead of fixing, I know a few people that have fiddled their meter reading.

They've said they've used more than they have and so have a few hundred kWh in credit paid for at the cheaper current (or pre-April in some cases) prices. Probably works out cheaper than fixing but effectively does the same thing.

Only works if you don't have a smart meter though, and I suppose it's a gamble that no one comes to read the meter.

What is Martin Lewis' currently advice? Haven't heard much from him on this.

He announced on his Facebook page he was having a well earned rest and would be back to fight more when the prices increased and government comes back.

I really recommend tracking usage vs cost with a smart meter or your supplier app. I’m with EON and I fixed in March this year.
I’ve been able to track my usage every few days and have reduced my usage quite a lot !
My bills aren’t too extortionate just yet. I’m hopping for a mild winter 🙈

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

• Hoping for a mild winter!

No, I'm assuming that at some point the Russia/Ukraine situation will resolve itself somehow and prices will fall.

In the meanwhile I'm learning to reduce what I use.

Yes it must be tempting

the fix you can get now is probably a few pence more pKw than the variable, but by the time the October rise is applied, it won't be, let alone the one in January.

They're not a few pence more though, they're more than double the current rate!

Stupid I know but I didn't realise this. I fixed and then found that the monthly payment could increase anyway! I've just today had an email from Eon telling me that they calculated wrong and would be sending me through a new bill soon. I'm so worried about all of this

Thanks for that, but where did you get you October costs from?

I havent fixed. I am on the variable and the fix was twice the pence. I read something that said it woukd go up another 68% and figured paying less till october and making cut backs might be ok. We are in credit by too.

However i didnt really think about january so i might be regretting it very quickly.

I havent fixed. I am on the variable and the fix was twice the pence. I read something that said it woukd go up another 68% and figured paying less till october and making cut backs might be ok. We are in credit by too.

However i didnt really think about january so i might be regretting it very quickly.

You're asking two different questions there.

Do you want to fix the price per unit - depends what it is compared with the variable. Either way, you're going to be paying a lot more per unit come January, but which is best depends on what you've been offered.

Should you also try to mitigate the impact of the price rises, by using less? This should certainly be a consideration for some people.

If you have the heating on at night and/or are able to sit around in a t-shirt in winter you can almost certainly use the heating less.

If you wash clothes that aren't dirty, use the tumble dryer when you could line/air dry or change the towels after one use, could you cut down on the amount of laundry you use?

If you cook a lot of things in the oven, could you switch to a slow cooker, air fryer or pressure cooker instead?

If anyone in the household has a gaming PC, that's running for hours and hours, can it be turned off when not in use, and used less?

Remember that one of the reasons why the price of gas is so high right now is that it is expected to be in short supply over winter, which means that we should try to use less so what we have lasts longer, including that which is used for electricity generation.

It's worth checking if the fix you are being offered lets you out before the end of the contract. So if you sign up and kwh rates do fall (I think unlikely but here's hoping) you can end your fixed rate deal with no penalty charges.

There was an item on BBC news about aproposal from Scottish Power chief, who is backed by other power companies, saying that he wants the government to underwrite $100bn loans to the utility companies that will allow them to freeze prices for customers. The customers would then pay back the cost of this gradually over 20 years.

It seems like a workable plan - and might find favour with incoming Tory leader as it (a) comes from industry (b) it is seen as a solution rather than a "hand-out".

I haven't used October costs. That is the difference between the current price cap and the fixed rate I'm offered.

October is predicted to be an 82% rise (or around that) so I'd be daft to fix at a rate that is 147% higher than the current price cap

Also a few days ago Martin Lewis recommended looking at the Utility Warehouse price fix.
www.moneysavingexpert.com/utilities/does-utility-warehouse-stack-up-/