Should I fix my electricity tariff?

[SeeminglyOblivious]

Hoping someone can help because Google is not my friend despite my best efforts.

I understand (on a basic level!) about the energy crisis, wholesale gas prices rising, the energy cap which is expected to go up by 50% in April etc.

But so much of this seems mainly relevant to gas. Even Martin Lewis is talking about 'energy' then mentioning people's gas bills which calls into question if his advice is for electricity tariffs too.

So my conundrum is... I'm with Octopus, variable tariff for electricity. And I'm not sure if I should fix on their 12m loyal tariff.
Current variable tariff is 24.86p per day and 20.58p per KWH.
The fixed offer is 24.86p per day and 27.59p per KWH.

So daily the same but unit price would be an increase of about 34%.

Now if I was being offered this for Gas (I'm not, the fixed price is over double so I'm staying variable) I'd jump at it. But what about for electric?

Are electric prices likely to go up a huge amount too? Would it be wise to fix at 'only' an extra 34% before April and October 2022 rises?

Can you even fix only one and not the other?

I think you should fix your electricity price at 27p a unit. Prices are expected to stay high until next Spring.

In April, the new price cap will take effect and it will almost certainly be higher than 27p a unit. You can fix this, and leave your gas on variable.

There is a very big possibility that prices will go up by more than 50%, it could be 70%-80%+ Uber the new price cap.

*under

My understanding is that a lot of the electricity made in the UK is generated by gas, go figure! So the prices will increase too.

Can you even fix only one and not the other?

Yes, can definitely fix the electric and leave the gas variable. The increase to fix the gas I think was close to 115%, astronomical rise!