To fix my energy or not?!

[Msgiggles30]

Hi all,
I've got to admit I dont fully understand the advice on fixing or not fixing at the moment! My current supplier has just offered a fix for £137 per month ( I know this is estimate and will change on usage). I currently pay £70 but have been on a 2 year fix that's just ended. I live alone small 2 bed property and am out at work full time mon-fri. The rates offered on the fix and the current SVT that I'm on is the picture. Does it make sense to fix with the now 81% increase due in Oct or am I still better on variable?! Thanks in advance 🤯

That fix is 100.85% higher for electricity and a whopping 134.49% higher for gas.

It's up to you but I wouldn't personally fix at those rates

No, I’m not fixing. The costs are higher for fixed than the variable rate in my case.

MSE is suggesting that you should only fix if the increase is less than 95% (or 100% if you value certainty) of your current bill, based on their estimates of future increases. Obviously, they can't predict the future, but it's worth a read.

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/

I'm on a very low/normally priced energy tariff which doesn't expire until next July. One of the few lucky ones I guess! But I am keeping an eye on the market and using the next 11 months or so to stash some cash.

The suggested direct debit is not the amount you will use each month but rather an estimate designed to cover you for higher use in winter/lower in summer. It also won't take into account the £400 discount (£700 if you're entitled to the fuel allowance) so I'd personally be inclined to cancel my DD and pay monthly, based on actual readings, while saving up a cash pot for Winter.

But that's not advice for anyone else, just what I'm considering!

I fixed for piece of mind . I took a gamble, but I sit and listen to all the price forecasts and I don't have to panic.

I wouldn't fix right now at those prices. Ministers are meeting energy companies (got off their butts at last!). I think something is going to happen to at least calm the rises. But it is a gamble either way!

It is interesting that the standing charge on you fix offer is pretty much what it is now. It is not the first fix that I have seen lately offering this. I wonder if there is something behind this-maybe Ofgem is going to do something about the outrageous standing charges.

The standing charges on the fixes I am offered are the same as the SVR standing charge too. The unite rates are crazy though so I'm staying on the variable

BTW if anyone is thinking of saving towards their bills, rather than using the DD method, Marcus offers quite a decent rate, easy access etc.

Thanks. I struggled to work out the percentage difference in the price so it looks like it's better to wait it out even with the 88% due. I am hopeful they will do something by the Jan too. The fees are £200 too so it's a risk to fix!

To work out the % increase you use the new price and take away the old price:
56.82 - 28.29 = 28.53

Divide this figure by the old price:
28.53 ÷ 28.29 = 1.00848

Multiply by 100 to get the % = 100.848%

For gas its 17.446 - 7.444 = 10.002
10.002 ÷ 7.444 = 1.3436
1.3436 × 100 = 134.36%

Thanks that's really useful