Energy prices - are you fixing???

[Sunandsea21]

Hi, I'd be interested to know people's thoughts re whether you're fixing energy tariffs with all the uncertainty at the moment?

We're currently on a 24p kwh/62p standing charge electric tariff that expires at the end of June. Obviously too early to fix elsewhere without paying the exit fee of £50, but considering fixing early to a 26.5p kwh/70p standing charge and taking the hit with the fee to avoid being stung by a potential price cap increase in July/lock in the certainty (should be announced late May I think) 🤔 on the fence about what to do and would be interested to hear what other people's thoughts/plans are!

Yes mine ends June but fortunately I fixed with current provider 2 weeks ago on far better rates than you are currently being offered. I got in just before the US attacked Iran.

Oh that's fortunate! Out of curiosity what did you manage to fix at?

Yes we just fixed, I think one or two days after America bombed Iran. We’re with Octopus

I’ve just fixed. My term was up and it just feels like a bit of security knowing the bills won’t sky rocket.

Can I ask a really daft question. If I was to go on a fixed tariff can I amend the amount I pay. I submit a metre reading monthly and although they want me to reduce my direct debit, I keep it higher to build up credit. I want to keep doing that.

We fixed two weeks ago as well, because our provider Octopus was offering great deals ahead of the price cap being lowered in April. Now the bombs have started dropping they've added a £75 exit fee to all new fixed deals, none of which are as good as the one we got. It was just lucky timing.

EON
standing charge 46.8p per day

rate 23.48 p/kw

Until May 2027

Yes you can make additional payments of they adjust the DD or ask them not to amend it

I'm with EDF and fixed for 2 years last year. When my deals come to an end, I look at what's on offer, work out if I can afford it and then accept the fix. I never ever look to see whether the rates have gone up or down - therein lies self-hatred and regret! I hope you're all OK.

Yeah - my understanding is that it's the price of the standing charge and the amount that each kwh is that is fixed, your monthly direct debit can go up or down depending on how much you actually use (although I'm not an expert so don't quote ne on that!!)

Very jealous of the good deals/timing some of you managed to snag! I think given the new fix is only projected to increase pur monthly direct debit by about £10, I might take the hit and fix! Like some of your have said, least we'll have the certainty given anything could happen the next few months!

Am I being daft, we are with octopus and it ends in June but my app tells me I can't look at any new tariffs yet as it's too early?

I guess it depends on your provider maybe? I am currently with eon, I can look at new fixes but I have to pay an early exit fee of £30 to get out of my current tariff (when it gets to 7 weeks before my current expiry date then I wouldn't have to pay the fee)

I fixed with Octopus last week, my deal has just finished. I think I was lucky with the timing.

Did you have to phone them? The options online seem to have disappeared last time I checked

We are on the octopus tracker, the last week is has been on average 30/31p per kWh. We are holding tight at the moment and hoping the war stops soon .

We're fortunate that we're fixed until about August (based on the last couple of years, this seems to have been a good time to fix as rates have been relatively lower at this time in both 2024 and 2025 but that could be just coincidence) and as the exit fee is around £100 I'm just leaving it for now.

Moneysaving Expert has information and tools that will help people make a decision, it's individual depending on a lot of factors, but there's a few things to be aware of - a lot of the cheaper fixes have been pulled, so some of the fixes on offer now might be 'too' expensive - this has happened in the past because it prices in current events so people fix at a rate that is higher than it will be in a few months time - don't forget that if you're paying an exit fee and a higher rate than your current fix so this puts you on the back foot - if you leave it until the end of your current fix, you'll pay a lot less in the meantime.

A couple of other points to be aware of is that fixes agreed last year will drop by about £150 per year on 1 April due to changes being brought in, this probably won't happen for new fixes as the changes will be priced in - make sure you're doing a true comparison. Also, if you're changing in the last 50 days, you don't pay an exit fee, so worth using to your advantage if you know you want to move.

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

I'm on a fix until August. So I think I'll stick with it and hope by August things have settled down.

Were fixed until September @thirdstorm and are also just leaving it and hoping things are better by then!

We are fixed until end of August so holding fire at the moment.

Do you have to pay an exit fee to stay with the same provider, we are with BG and we can change with them for no fee

I can look one day ahead on my tracker and the price per kWh for tomorrow is 21.2p, hopefully it stays that way 😀

I asked for a fixed rate quote from my current supplier Octopus at the end of Feb but let the link expire!Kicking myself, but I just emailed them for a new 12 month fixed rate quote which came straight back:

Current New
Electricity 25.19p kWh 28.74p (until 31 March) 25.23p (from 1 Apr)
Electricity 50.20p s/charge 50.88p s/charge

Gas 5.68p kWh 6.69p (until 31 March) 6.37p (from 1 April)
Gas 33.22p s/charge 33.88 s/charge

I think I'm going to take the new fix as I will only be £65 a year worse off and I don't tend to have the central heating on from now to September-my current fix has no exit fees, the new fix is £75 for each but peace of mind is more important for me and I like Octopus so prefer to stay with them.

If anyone does switch you can use my link and we will each be credited with £50 on our account.
https://share.octopus.energy/clever-dodo-902

Posted too soon! Just went back to look at my existing fix, and Octopus say that

Need to know: the UK Government is reducing energy costs in April. We'll update your tariff rates on the 1st of April so you can start benefitting from cheaper bills straight away.

In that case, I will be staying on the current tariff until it ends in October and if i choose to switch before then at least there are no exit fees 🙃

I am with Octopus: Agile for electricity (I am sticking) and just moved from gas tracker to Flexible for gas yesterday as this has no exit fee. Got 14 days cooling off so let's see how things go the next 12 days. If no signs of improving I will remain on Flexible.

If you go to this website and enter your Octopus API key from your account it shows a comparison of the different tariffs to help you make a decision:

Octopus Tariff Comparison