Is this a good fixed rate? Electricity and gas

[barkymcbarkface]

My fixed deal with Sainsbury's Energy runs out on the 1st October. They've offered me a new 1 year fixed rate as below. Does this seem any good?

My annual use is quite low:
Electricity 1763kWh
Gas 3616kWh

gas price not bad but the electric is shocking.....shop around if you can and get better deal...!!

It doesn't seem possible to shop around. Everyone just says it's not a good time to swap and won't give me a quote.

I calculate that as 117.21% higher than the current price cap for electricity and 107.64% higher for gas.

It's up to you whether you feel that's a good deal considering prices will go up 80% odd in October and then rise again in January

And you're correct that there are no good deals offered by other energy companies.

For comparison this is what Octopus is offering me on their loyal fix. I'm not fixing!

We're also with Sainsbury's and our current deal ends in October too - think we'll be going onto the variable rate for starters looking at the estimated cost for the year!

I'm seriously considering it, just so I know where I am each month. The variable rate is currently:
Electricity 28.40775p/kWh
Gas 7.476p/kWh

This is obviously going to go up.

Look at the tariff not the costs they are giving and work out the % difference

www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/?utm_source=mseandroid&utm_medium=mobile_app&source=MOB_MSEANDROID&utm_campaign=mse_home

This might be useful in helping with your decision making

Thank you. If I use the energy calculator, should I put in what my current fixed rate is or what the standard variable rate is?

60 odd pence per unit, fucking hell 😟

If I put in the current standard variable rate for Sainsbury's Energy (which I will automatically go on to if I don't fix) and the new fixed rate deal they are offering me, the calculator says it's "strongly worth considering" as it's 85% more than current standard variable rate.

But are electricity prices really going to go up from 28.4p to 60.4p ???

I think that's the thing. They could do.

@barkymcbarkface if you value knowing what your bill is and don't like change then I would do it.

Everything points to increases for the next 2 price cap reviews. I value knowing my budget. Yes the payments will be more than you currently pay. Yes prices could come down again but it's a one Yr fix so could get you out of a sticky situation for this year. And yes your Direct debit will increase but that is because your price has increased and you need to cover that.

See if you can work out based on last year's USE ( meter reads) what the next year will be at the fixed rate - divide that by 12 and that should be your monthly DD

@barkymcbarkface ps don't forget to factor in standing charge when working out expected bill and Dirext debit

@ReginaFilange001 thank you, I'll spend some time going through the last year of bills and see what I come up with. I would rather pay a little more but have the certainty of what I pay each month. The stress of worrying about a price increase every 3 months is too much!

One thing about Sainsbury's Energy is they have no exit fee - so if you do decide to fix now but the price comes down you can always switch to a cheaper provider.

What a huge jump....we are fixed until next may 2023 on a good deal and then getting solar panels....
The gas price is the one to watch as my friend who works in the power stations says we burn a lot of gas to produce electric in turbines so if gas goes up then electric automatically goes up also....what a depressing year ahead....not sure if i can read any more news or posts about these increases.

Not heard that before.
Worth knowing.