With Octopus gas tracker at 8.0p/kWh, is it time to move to a fixed plan? 🔥

[YetiAnotherNC]

As per the title really? I just wondered if anyone was thinking it was time to switch to a fixed rate given the huge increase in tracker gas from around 6.5p to now 8p…? I live in an old, draughty house!

Depends what fixes are available. The problem with fixing now is that you're fixing at the highest price since the start of the war in Ukraine. No-one knows whether prices will keep going up or fall, which will trap you in an expensive fix that costs money to exit.

Our current fix ends in early October and I've started looking at prices, which are considerably more expensive. I'm not rushing to commit to another fix at the moment but might do so in a couple of weeks if I can find something that will be comparable to the current price cap, before it rises further in October.

I moved last month after cancelling 2 previous switches since it seemed a peace deal was nearly signed. 1 regretted cancelling a switch to a good fixed rate to British Gas in June since prices were constantly upwards in the weeks afterwards. Finally found a reasonable fixed rate via Uwitch last month and switched.

I had been on tracker for both fuels since 2023 when it was a beta version. Only issue with switch, is that our gas smart meter was not updated in the national database so new provider is having to do that before we get accurate readings.

We are on the octopus tracker for gas and electricity. I think we are going to hold tight and stay on it. Aren’t we already paying a higher price because it tracks the wholesale price currently? Hoping early next year it will go down 🤞🤞

I guess if you want a safe option, fixing would be your best bet

British Gas standard variable tariff at the moment is 7.26p per kWh plus 28.7p per day standing charge.

Their cheapest fix at the moment is 7.26p per kWh and 20.47p per day standing charge.

With British Gas you can swap to any of their other fixes at a later date (if they're better for you) free of charge.

I'm on a fix from British Gas from April when it was 6.51p per kWh and 21.35p per day standing charge.

I've done so recently.

Alongside general price comparison sites, I'd recommend if you're with Octopus to use a Octopus tariff comparison site like https://www.octopriceuk.app/ to see what will suit you best in your circumstances (don't compare them all at once on this one or it'll crash, adding on the fixed to their default mix should be enough).

29.90p/kWh, Gas: 8.81p/kWh

Crikey! It’s only getting worse! 🤔

I fixed with octopus at 7.5p last month, my last fix was 5.5p so it’s quite a jump. Martin Lewis thinks we’ll see an overall increase of 15% over the next two quarters with a slightly smaller total decrease next year so I’m pleased I fixed. Not sure what fixes are available now.