Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Cost of living

Stretching your budget? Share tips and advice to discuss budgeting and energy saving here. For the latest deals and discounts, sign up for Mumsnet Moneysaver emails.

Original poster

i have just fixed my energy tariff

164 replies

MrsLargeEmbodied · 07/08/2022 08:47

i was oblivious to all the angst until now i realise it is affecting me - i mean i had a hunch it would.

anyone else just had to fix their tariff?

OP posts:
Thread gallery
23
VeganGordie · 09/09/2022 09:37

i am on a fixed tariff and i'm glad that i went for this option, I couldn't deal with the stress of the prices changing all the time, i'd rather pay the same every month even if we don't use it all. For the last month the energy company actaully gave us some money back as we didnt use it all, highly doubt its going to be like that over the next couple of months though!

EverydayIsPJday · 09/09/2022 10:15

@VeganGordie that's not how it works. At all. If you are fixed above the new price cap it WILL be costing you more money...

EverydayIsPJday · 09/09/2022 10:16

And by that I mean your unit and standing charge rates. It has nothing to do with your DD charge.

LadyFromage · 09/09/2022 10:24

EverydayIsPJday · 09/09/2022 10:15

@VeganGordie that's not how it works. At all. If you are fixed above the new price cap it WILL be costing you more money...

That's not quite true.

Martin Lewis talked yesterday about the same % of discount being applied to fixes as is being applied to the new capped variable rate. Pasted below.

If anyone is on a fix right now, I'd stay on it until more detail is published - so you can properly compare and decide what is best.

"Since the announcement, I have heard the discount that is being applied to the price-capped tariffs is likely to be applied to all tariffs, including fixes (the new 'price guarantee' will effectively work as a per pound discount off the unit rates of the pre-planned 1 October price cap rate). If this is correct, many fixes that currently look costlier than the price guarantee will end up cheaper. Earlier, the information I was told by the Government was that "all can get out of a fixed tariff without exit penalties". This may have changed, so that it is left up to firms. I will confirm when I know, but be careful acting on any of this before it is cast iron."

EverydayIsPJday · 09/09/2022 10:29

Yes unless it was greater than the predicted October price cap (so those trying to avoid the January price cap)

AdoraBell · 09/09/2022 10:42

We fixed a few months ago, before the last increase. DH wasn’t sure what to do I said fix it. Bloody glad I did.

xogossipgirlxo · 09/09/2022 12:06

We didn’t fix. British Gas was offering me tariff that would cost me £400 per month. With frozen October cap, I won’t pay more than £250-300 and it’s been calculted based on 2021 usage. We are planning to save gas this year.

Oddbutnotodd · 09/09/2022 17:08

I’m with Octopus on a fix above the October cap. So I’m paying a premium to save money next year, well that was the plan..
I tried to ring Octopus to go back to SVR but they were too busy to answer; I have also emailed them.
Have any other Octopus customers been successful in changing their tariff?

The whole new capped SVR tariff seems a minefield for customers on fixed tariffs.
Eon seem to be allowing people to switch back now but others are stuck paying much more.
Also the government won’t bring in new legislation on energy until after the Queens funeral.

NewBootsAndRanty · 09/09/2022 17:25

Yep, cancelled my fix the other week on the phone. If you've emailed them that should have done the trick @Oddbutnotodd

Harriet0101 · 09/09/2022 17:26

@Oddbutnotodd same as you, I only fixed last week and now I want to come out. I emailed yesterday but no reply. So I phoned this morning about 9.30am and got through after about ten minutes on hold. I asked to go back onto the SVR and they said fine, only took 2 minutes.

EverydayIsPJday · 09/09/2022 17:36

Eon was very easy. I got through in 10 minutes on the phone and it was cancelled (put back on SVR) in two clicks. The person I spoke to though said it's best to email. I had a query this morning so did email and they responded within minutes. Can't complain really. What a sh!t show this has been though, people gambling on whether or not the government would help/to what to degree/to whom it would impact. I'm pleased I haven't lost alot of money but can imagine there are alot of people who have.

GonnaNeedABiggerGoat · 09/09/2022 17:55

People cancelling their fixes now may be doing themselves out of rates even cheaper than the new government price cap.

Please wait until the details are released because Martin Lewis has said he believes your fixed prices would be dripped by a similar % as the SVR which may result
In them being cheaper than the new SVR.

GonnaNeedABiggerGoat · 09/09/2022 18:06

Dropped - not dripped Grin

Oddbutnotodd · 09/09/2022 20:44

Thanks everyone. I fixed above the October price cap so I would rather go onto the SVR. will ring Octopus on Monday - not open tomorrow.

SilverLiningPlaybook · 09/09/2022 21:25

I’m with Octopus , I think in the SVR. Should I stay on it?

BorgQueen · 10/09/2022 09:40

The latest info is that people on fixes will have UP TO 17p off their rate of electric and up to 4p off gas.
In effect, if you fixed at a rate above October price cap of 52p/14p then you will be better off on SVR.
I’ve reduced my DD by £150 by dropping back onto SVR, it was set at £270 for my fixed rates of 57p/14p.

17p off 57p is way higher than the new SVR of 34.5p, which is why I came out of my fix with BG.

Oddbutnotodd · 10/09/2022 18:25

My fix is definitely higher than that so will go back to SVR.
What about people on historic fixes below the April increase. Say you were paying 5-6p per gas will they have the reduction as well?
Surely there must be a low cut off point?

BorgQueen · 11/09/2022 10:38

I think it’s safe to say they won’t be giving it away, I doubt if anyone already below the new rates will get a discount.

LimboLass · 11/09/2022 13:26

Any clarification yet on what to do where you have fixed and now it sits over the new state cap?

dementedpixie · 11/09/2022 13:31

LimboLass · 11/09/2022 13:26

Any clarification yet on what to do where you have fixed and now it sits over the new state cap?

As a pp said the higher fixed rates are going to be reduced to make them lower. You then decide whether the fix or the svr is cheaper for you

LimboLass · 11/09/2022 13:33

As a pp said the higher fixed rates are going to be reduced to make them lower

Okay, any idea when will we know by how much?

BorgQueen · 11/09/2022 13:40

It’s literally 4 posts above you 😉

NewBootsAndRanty · 11/09/2022 13:45

"If you’re on a fixed tariff at a higher rate caused by recent energy price rises, your unit prices will be reduced by 17p/kWh for electricity and 4.2p/kWh for gas.

These unit prices have been passed to suppliers to ensure that they are used to calculate bills on time for 1 October.

Energy suppliers will adjust fixed tariffs automatically. Customers on fixed tariffs do not need to take any action to get the benefits of this scheme."

www.gov.uk/government/publications/energy-bills-support/energy-bills-support-factsheet-8-september-2022

NewBootsAndRanty · 11/09/2022 13:53

back of envelope calculations
So that would bring octopus's loyal 12mth fix unit prices down from 0.4826p/wh to 31.26p/ kwh for electricity, and from 0.1874p/kwh to 0.1454p/kwh for gas.

Does that sound about right?

NewBootsAndRanty · 11/09/2022 13:56

Agh my decimals / pounds / pence went a bit wrong!
That should read:
from 48.26p/wh to 31.26p/ kwh for electricity, and from 18.74p/kwh to 14.54p/kwh for gas.