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Original poster

Fix energy?

16 replies

moveblues · 28/07/2022 11:13

With the latest dire predictions I'm wondering if it's worth fixing.
I rather stupidly didn't do so previously as it looked like it wasn't worth it.
Now I wish I had! I'm with octopus...

What a total nightmare this is for us all :(

OP posts:
dementedpixie · 28/07/2022 11:25

I'm not fixing as the rates offered are ridiculous. Also with Octopus

dementedpixie · 28/07/2022 11:32

I've just looked at mine and the cheapest fix from Octopus would be 81.97% more for electricity and 111.32% for gas than the SVR.

Not fixing!

dementedpixie · 28/07/2022 11:33

What rate are you on and what are you being offered to fix at? Look at price per kw and standing charge rather than the monthly direct debit

Puffincrossing · 28/07/2022 13:33

I'm with Octopus as well and regret not fixing. I have spent this morning using their balance checker to see what my energy usage over the next 12 months is so I can work out the % I use per month. I've then used my statement to see my current unit costs and used Martin Lewis' predictions to make best guess as to what I'll be paying over next 12 months. I estimate £4000 and Octopus are offering me £4260. I'm reluctant to pay an extra £260 but feel the situation is unlikely to get any better so there's a strong possibility I'll be pleased to have fixed now. I know that doesn't answer your question, just telling you what I've done

Puffincrossing · 28/07/2022 13:36

I should add I currently pay £200 a month and fix is £355 so looks like a huge jump but we only have another month or so before usage starts to rise. I think we will fix for certainty and Octopus still offer plans with no exit fees should something spectacular happen

MirandaWest · 28/07/2022 14:09

I need to properly look at this - also with Octopus. Ours is horribly big as it is….

dementedpixie · 28/07/2022 14:19

I'm currently on SVR with Octopus and pay:

Elec: 27.84p/kwh and 49.38p s/c
Gas: 7.33p/kwh and 27.22p s/c

The Loyalty fix is:

Elec: 50.66p/kwh and 49.38p s/c
Gas: 15.49p/kwh and 27.22p s/c

By my calculations that's 81.97% and 111.32% higher for electricity and gas respectively so I'm not fixing

ifonly4 · 28/07/2022 15:25

There was something said on tv last night that it's only worth fixing if the fix is no more than 50% extra than your current payment, given that you'll be paying extra from the fix when you don't need to. I looked online last night and the cheapest fix for us is £220pm, but we're currently paying £104pm, so I guess not worth it.

dementedpixie · 28/07/2022 15:33

As I said you need to look at the price per kwh and standing charge rather than the monthly payment.

CakeCrumbs44 · 28/07/2022 15:39

Too late now. As soon as the headlines tell us prices are going up, the companies put their fixed rates up (as you would expect,). It's difficult for Joe public to be ahead of the curve enough to fix before the energy companies realise what you've already realised.

Echo40 · 29/07/2022 00:29

We also with octopus we moved in 2020 and had £80 Months fixed those were the days.
In April they suggested we pay £350 we said no and agreed on £266.
We use more electricity than gas.
We built up £100 credit do far .
Can't find fixed deals on website.
Martin Lewis seems be saying we could potentially be paying £350in October but £400 to £500 in jan as ofgem reveiws every 3months.
No idea what to do the fix seems scary amount.

dementedpixie · 29/07/2022 06:55

If you click on 'Change My Tariff' it will show you the fixed rate options for Octopus

BarbaraofSeville · 29/07/2022 07:26

Unless people fixed late last year for 2 years, they probably won't have saved much money, so you might not have lost out by not fixing.

Someone posted the prices of the 1 year fix they took out last December and, compared with staying on the price cap, they had paid a lot more between December and March just gone, a bit more between April and September this year and looking forward, they'll probably save a bit but not a huge amount between October and December this year.

Remember that the energy companies have all sorts of analysts watching the markets so have a lot more information available than most members of the public and they hedge their prices which means they're unlikely to lose out from selling fixes compared with the price cap rates. And if they win, you lose.

MaggieFS · 29/07/2022 07:29

We were already in a deal so couldn't fix at a new rate and it ran out in May. Doesn't seem any point in fixing now. The ship has sailed.

MumOfNowGrownupKids · 29/07/2022 07:56

Read this! Martin Lewis explains when and if it's worth switching.

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

NoWordForFluffy · 02/08/2022 06:40

dementedpixie · 28/07/2022 15:33

As I said you need to look at the price per kwh and standing charge rather than the monthly payment.

This frustrates me so much about all of these energy threads. I'm amazed how many people don't seem to understand this!

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