Another fixing one - any help please?

[TheSleeperandTheSpindle]

Sorry it’s another ‘shall I fix?’ thread

Single mum to 2 DC and I have no one else to talk things through with so any help would be great before my head explodes!

Currently with Octopus on a fixed for Electricity, which is due to end Oct so haven’t been able to switch tariff until now. Gas is fixed until Feb 23 so don’t need to worry about that yet.

Current tariff is 14.66 kWh and 23.06 standing charge

Been offered their flexible @ 28.46 kWh & 43.12 standing OR

12m fixed @ 67.98 kWh & 43.12 standing

I understand the rate will go up again in Oct though - is that to roughly 54 per kWh?? So their flexible offer at the moment won’t be 28.46 by the time I switch to that?

Am I naive in thinking in January it will either not be higher than the 67.98 I’ve been offered or the government will have intervened?

I don’t have a high usage as out of the house all day during the week at work and DC at school. Out at the house most weekends at clubs etc. Oven is electric but thinking of getting a ninja to help with that.

Currently £250 in credit, will receive the £400 and as I get some UC I received the first £350 which is in a separate account to use just for energy with the additional £350 to follow.

Thank you if you’ve read all of that and I appreciate any advice.

Honestly no idea, and no one does. Martin Lewis was saying not to fix in October last year and that has proved to be costly.
However if you fix you opt out of the price cap, is there an exit fee? The government maybe forced to do something about the price cap in which case an exit fee from higher rates would be bad, however they equally may do fuck all and you may regret not moving. Sorry no help, the only thing under your control right now is trying to use less.

Thank you. Nice to be able to talk to an adult about this, my 3 & 4 year olds don’t quite get it 🤣

There are no exit fees but I wonder whether this just applies if I’m moving supplier rather than just coming off the fixed tariff

MSE has a calculator you can put all those figures in and it will tell you. But I fixed on roughly the same (68.73p kWh and 41.55p SC)

It's a harder choice for just electricity as it's usually gas use that goes up significantly in winter. But chances are by January the price cap will go up again to over the unit price you have been quoted, so you will have most of the 12 months on a higher price.

Thank you. I think that’s the problem I’m facing - my winter gas (luckily!) won’t change.

I used some info I found online about the predicted increases in Jan and April and it works out the cap could potentially rise to 0.97 per kWh I think, making my offer of fixed @ 0.67 look very good!

Seems scary that my fixed was 0.14 and now feeling lucky to fix at 0.67 🤯

Starting to panic a bit about it all now. Single parent too and working full time but some U.C (missed out on first half of cost of living payment though but will get the second). My fixed rate offer from Eon was 3 times what i pay currently so i have decided not to fix and to try to really reduce my use instead. Am (naively) hoping the government will do something before the January/April rise ? I have a bit of credit built up so with the £400 I am going to try to ride it out. Seems everything is rising except my wages !

@TheSleeperandTheSpindle we have a similar offer and seriously considering it! Feels like probably end up paying £400 more in the next 4 months than the cap (I think roughly) and then start saving from January but I can imagine the increases from January could be big!!!

Same here apart from being lucky enough to get the full £650 payment

I called Octopus today and fixed but they reassured me that I can go back to variable at any time. My fixed doesn’t end until 1st Oct so will wait until new PM is in place and then decide whether I made the right choice!

Worked out I will pay about £120 more fixing from Oct to Dec but that might be a lot less than the Jan cap