Is the cap staying the same for 2 years now?

[CousinTime]

I fixed, but slightly higher as when the prices would have jumped again in January and then April I would have been lower and negated the increase paying now. Is the cap for rates staying the same for two years or will they still increase it? If it’s staying the same I’m better off going back on the variable capped with everyone else (am allowed to leave my fix) or if it will go up again I’m better off overpaying for the next three months.

Your fix should be reduced automatically if its above the price guarantee rates.

Unit price reductions of up to 17p/kWh for electricity and 4.2p/kWh for gas will apply to fixed tariff customers that currently have unit rates above the EPG

The reduction should either take you to the price cap or just above if its still above the cap then I think you should be able to go onto the capped rate with no penalty

Thanks, looks like it has reduced to just above the fix, still thinks my payments need to go from £180 to £359 though. Ouch.
3 years ago we had managed to get down to paying £40 a month.

Who are you with?
Are you sure the direct debit they quote is in line with your usage? Some companies are asking you to pay huge monthly payments when it's not warranted. Are they also taking into account the £66/67 payment we are all getting for the next 6 months?

£359 pm is quite a lot, is your usage very high/house very large? Or is there debt on your account?

If neither of these apply, your direct debit might be too high for what you use, as it doesn't tie in with one of £40 a month, which could well have been unrealistically low.

Up until the price rises, the cost for the the amount of energy used to work out the price cap was around £100 pm. It's now around £200 pm for the same amount of energy. So you'd expect to have seen your DD increase in line with these ratios, ie being about double what it was a couple of years ago, not nine times bigger.

But you could work out what your annual energy bill should cost using:

www.moneysavingexpert.com/utilities/what-are-the-price-cap-unit-rates-/#tool

Then obviously your monthly DD should be 1/12 of that but then you need to take any debt or credit, and the £66 for the next 6 months into account.