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Original poster

Anyone fixing electricity tariff right now ?

63 replies

Serena2016 · 14/01/2022 20:57

I’m already with Octoous and they are offering a loyalty tariff - but its 27% higher than my current one !

Money saving expert says anything less than 40% more then currently pay is a good deal . Seems so much ! Anyone else fixing ?

OP posts:
Needanewadventure2021 · 14/01/2022 22:12

These prices are eye watering. I fixed last March and my deal ends in June. I found it incredibly hard to be able to find an extra £24 a month for the cheapest tariff I could find back then. Doing some comparisons the other day it would seem my cheapest now is a variable rate at nearly 150 for a small 2 bed starter home.

I have no money left each month. None! I only have 150 a month to spend on food for my myself, son, dog and house. It really doesn't go far. I've stripped back all outgoings. We already have no life so I can't cut back there or on on luxuries as we don't have them.
I feel quite humiliated really that I cannot afford a basic quality of life for myself and my child anymore.
How am I meant to commit to a payment I know I do not have any way to pay?

Sonex · 14/01/2022 22:18

Electricity is equally affected, if not not eso because in this country we are so useless when it comes to renewable energy that we used gas to power the majority of the electricity power station! gas makes electricity, go figure

Original poster
Serena2016 · 14/01/2022 22:20

@Needanewadventure2021

These prices are eye watering. I fixed last March and my deal ends in June. I found it incredibly hard to be able to find an extra £24 a month for the cheapest tariff I could find back then. Doing some comparisons the other day it would seem my cheapest now is a variable rate at nearly 150 for a small 2 bed starter home.

I have no money left each month. None! I only have 150 a month to spend on food for my myself, son, dog and house. It really doesn't go far. I've stripped back all outgoings. We already have no life so I can't cut back there or on on luxuries as we don't have them.
I feel quite humiliated really that I cannot afford a basic quality of life for myself and my child anymore.
How am I meant to commit to a payment I know I do not have any way to pay?

Am same really - so fkn hard isn’t it? Single parent , crappy salary, tax credits reducing as kids leave.

I used to have a water cap but stopped being eligible when my eldest turned 18

Just so hard. Big hug xx

OP posts:
Original poster
Serena2016 · 14/01/2022 22:20

@Needanewadventure2021 don’t feel humiliated ! So many of us are in same boat (

OP posts:
FourTeaFallOut · 14/01/2022 22:23

I couldn't begin to hazard a guess needanewadcenture2021. The government is making noises about helping those who are pushed in to fuel poverty but haven't committed to any detailed plans yet. On the upside, that should all be mailed down by June when your current fix ends.

FourTeaFallOut · 14/01/2022 22:24

Nailed down.

Needanewadventure2021 · 14/01/2022 22:52

I'm sorry. I just needed a rant. I know everyone is feeling the pressures now so I understand it's not just me but my experience is.... I'm terrified.

My child is a while off 18 yet but that shock will come my way when I lose my tax credits. Hopefully by then I have been blessed with a miracle and our lives have changed (for the better) and I won't be on TC anymore! Sad as it sounds one of my dreams is to escape them as I feel trapped by the TC system!

I do somewhat feel comfort I have until June til I need to panic. I am hoping in that time we will know more. But in all fairness prices have been rapidly increasing since early last year and nothing has been done yet. And with the state of what's coming out from the governments behaviour lately is it a surprise no one has any hope of them acting in our interests

I never for the life of me though ever thought prices would increase life this. Across the board. And all things we really need every day

Indecisivelurcher · 15/01/2022 06:41

Thanks for the link @TheFoldOx I did know that as am a greeny, but am tired and have lost my brain!

I'm on renewable energy with octopus so maybe that's why they have told me my electricity won't be going up... Am going to check with them.

Others might find it worth looking at renewable energy tariffs maybe, if the rise in electricity prices is driven by gas.

User6397254 · 15/01/2022 06:47

I'm still on a cheap deal until end of February so will look then, it would have to be very good for me to move before then.

JamMakingWannaBe · 15/01/2022 06:55

@Belle96

Also I know you're saying the government has capped until that point but due to my line of work I know what's coming. I would fix now. The variable sounds good at this point but lock your prices in now and get saving. Everyone is going to suffer
I'm not doubting you and your post has made me look for a fix but if presumably the energy companies have access to the same data you have, why are they offering fixed prices at less than the market price? Isn't this why they all went bust this year?
firefly123 · 15/01/2022 08:17

Yes I have fixed with EDF until Sept 2024 who my last energy supplier (Green Energy) - who went bust - were taken over by. My bills were £164 per month now £230 per month Shock

whiteworldgettingwhiter · 15/01/2022 08:58

I'm with Scottish power for dual fuel. Currently pay £125 per month. New suggested tariff is over £300 per month!! I need to shop around.

Original poster
Serena2016 · 15/01/2022 09:23

@Indecisivelurcher

Thanks for the link *@TheFoldOx* I did know that as am a greeny, but am tired and have lost my brain!

I'm on renewable energy with octopus so maybe that's why they have told me my electricity won't be going up... Am going to check with them.

Others might find it worth looking at renewable energy tariffs maybe, if the rise in electricity prices is driven by gas.

Yeah I’m with octopus too - maybe it’s cos my fix is ending next month they’ve contacted me ?
OP posts:
BarbaraofSeville · 15/01/2022 09:47

Fixing at that rate might be worthwhile OP, especially as you're electricity only. As there isn't a termination fee, you could always change again later if it stops being the best deal.

I don't know what the split in the expected price rise is between gas and electricity in terms of the 'if you can get a fix under 40% of the current cap go for it' advice.

We're also with octopus and I looked at those loyalty fixes, but we also have gas and the fixed price for gas (over 9 p per unit, instead of about 4 p, a few months ago we were paying about 2.5 p!) was more than double so I left it.

dementedpixie · 15/01/2022 09:58

The loyalty fix that octopus have offered has electricity at 27.96p kWh and gas at 8.33p kWh whereas the SVR is electricity at 20.20 kWh and gas 3.96p kWh. That's a big difference!

(Currently fix which ends very soon is electricity 16.10p kWh and gas 3p kWh)

Original poster
Serena2016 · 15/01/2022 10:27

@dementedpixie

The loyalty fix that octopus have offered has electricity at 27.96p kWh and gas at 8.33p kWh whereas the SVR is electricity at 20.20 kWh and gas 3.96p kWh. That's a big difference!

(Currently fix which ends very soon is electricity 16.10p kWh and gas 3p kWh)

What’s the SVR?
OP posts:
dementedpixie · 15/01/2022 10:34

SVR is the flexible Octopus rate (standard variable rate) they offer which is covered by the price cap. Its the rate you would go onto if you don't choose a fixed rate option

dementedpixie · 15/01/2022 10:38

These are the options they gave me

Anyone fixing electricity tariff right now ?
Original poster
Serena2016 · 15/01/2022 10:59

@dementedpixie

SVR is the flexible Octopus rate (standard variable rate) they offer which is covered by the price cap. Its the rate you would go onto if you don't choose a fixed rate option
Ah yeah ! I did toy with that but seemed to scary after reading Martin Lewis ! Argh so hard to know what to do
OP posts:
BarbaraofSeville · 15/01/2022 11:14

I think there probably won't be a huge difference between the loyalty fix and the new higher price cap tariff from April.

The big unknown is what happens next autumn and winter.

If prices continue to rise, the loyalty fix is probably best, if they fall, or the government steps in and changes the rules to help people out, the fix will look expensive.

But there's no exit penalty for leaving the fix, and if prices continue to rise, the loyalty fix will also continue to rise.

My octopus account says my annual prices are around 1440, 2270 and 2800 for the current price cap, loyalty fix and standard fix respectively. I think I'm going to risk staying on the price cap for now.

Sunflowergirl1 · 16/01/2022 06:51

We have been transferred to EDF as our supplier went bust. We were paying £1800 a year for gas and electric. That was correct against the volume we used.

EDF reduced our payments but in checking their rates and our KW usage we should be paying £3200 on our current tariff. Christ knows what it will be when the next increases come through.

Pascha · 16/01/2022 15:00

I've just fixed with the loyalty fix from octopus because for the first time today, the fixis just slightly cheaper (by a couple of quid) than how much we've actually used this month.

We have been paying about £76 as legacy from the old fix which ended in October 2021. We have just about run our surplus down to £6 in credit and we've been using about £125 to £130 over the last 3 months. The fix is £124 so we're taking a punt and fixing now.

Considering the fix is no exit fees I think it's probably sensible until we see whats what in a few weeks.

seekingasimplelife · 16/01/2022 15:28

It was my understanding that energy companies only need to offer the SVR to exisiting customers at the end of their tariff, or when moving home.
Apologies if this is incorrect, - but those who are fixing on a higher tariff without exit fees might find they have no where to exit to, if they want to revert back to the SVR before their fix ends? (Can anyone confirm this? The detailed advice seem to be rather vague on this point...).

TheFoldOx · 16/01/2022 15:34

@Pascha the fix is a fixed price per kWh (and standing charge), not a fixed payment per month. Your direct debit may be "fixed", i.e. the same each month, but this can be altered during the course of the contract.

FourTeaFallOut · 16/01/2022 16:18

@seekingasimplelife

It was my understanding that energy companies only need to offer the SVR to exisiting customers at the end of their tariff, or when moving home. Apologies if this is incorrect, - but those who are fixing on a higher tariff without exit fees might find they have no where to exit to, if they want to revert back to the SVR before their fix ends? (Can anyone confirm this? The detailed advice seem to be rather vague on this point...).
You're right, there's not much on it. Presumably you can just end your contract and the standard variable becomes the default? Worst comes to the worst, I'll cancel and DH can get the new SVR as a new customer.