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Gas and Electricity Prices

Space is the Place said:
I was paying £47 a month via Octopus, my fixed tariff ends in a week.

My duel fuel options from Octopus are...

1. 12 month Fixed Tariff £116
2. Variable Tariff £64
3. 12 month fixed Octopus Loyal customer £81.00

So... if i go to the variable will it stay around £64 because of the price cap? Or is that due to be lifted and should i go with the £81 option?
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The risk is about how much the cap will increase in April. Fix vs Cap/Variable. Hard to know...
 
Space is the Place said:
I was paying £47 a month via Octopus, my fixed tariff ends in a week.

My duel fuel options from Octopus are...

1. 12 month Fixed Tariff £116
2. Variable Tariff £64
3. 12 month fixed Octopus Loyal customer £81.00ls leve

So... if i go to the variable will it stay around £64 because of the price cap? Or is that due to be lifted and should i go with the £81 option?
Click to expand...

SVR is the least expensive tariff available, and the cap runs until 31.3.22, so covers the heaviest energy use winter period - IMO, rolling onto SVR is the sensible option, which is exactly what I will be doing next week.

Also, Octopus don't have exit fees, so if any reasonable fixed price deals become available next year, you can switch then.

Ultimately, though, it's about making a best guess, in a bad and complicated situation.
 
Thanks Clive, yes i suppose it's a gamble i've always had a fixed tariff in the past but with it the fixed tariff bill going up another 40% for the year...I'm guessing the variable will end up the same as the fixed, or a bit more in the end.
 
Have just resolved a complaint with Bulb for silly, error filled, contradictory service over a £43.50 standing charge bill. Now reduced to £23.50 (£20 compensation. This is the second dispute with Bulb in 18 months; last one cost them £50. An absolutely uncoordinated shower, though the chap who sorted it this time was exemplary. New administration; same Bulb, I guess and not very bright at that.

Having been confused when first approached by Octopus with their arcane interactive email in August, I didn't jump at their 24 month fix to follow my 12 mth finish early October. A month later that fix was £100 p.a. more. Maybe it's pricier than their variable; I've no idea although I was subsequently assured it had gone up a lot since. The devil you know seems to apply here but despite my monthly dd going from £58+ to £98+, I find myself with a month's worth of credit, having risen since October 2nd. As aforesaid, I can jump ship without penalty whenever (not that I would with Octopus; they are a canny outfit).
 
There's a European natural gas crisis. Prices jumped 10x 2 days ago. No supply from Russia, ships have had to set off from the USA.

It may well be that come spring, the government will be propping up not just insolvent energy companies, but also consumers via a subsidised cap.

I don't fancy a 50% rise, but it's better than no gas at all. Thankfully we do have North Sea gas, but it presently only covers a few percent of the required capacity...
 
Problem with fracking (apart from environmental considerations) is that it's short lived — a nice spurt and then it's done, move onto the next well. Eventually the remaining deposits are all low quality.
 
Not an expert, but you'd think that those lucky enough to have taken a longer fix should still have that contract honoured while ever the supplier remains solvent. Hopefully it's not too cold this winter and things calm down by spring...
 
matt j said:
Does the potential future cap rise affect current fixed deals? or does fixed mean fixed?
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Caps are only on variables; fixed is fixed, until the company goes bust. Any going to the wall now (like Bulb. e.g., would need to be put into administration (like Bulb) and things continue as normal, with the taxpayer picking up the tab as always. Maybe there are a few minnows left whose customers can be farmed out; if so, they're doing well !
 
Just curious, has anyone checked the costs of a new fixed deal in the last day or two (compared to the current cap)?
 
Mike Reed said:
Caps are only on variables; fixed is fixed, until the company goes bust. Any going to the wall now (like Bulb. e.g., would need to be put into administration (like Bulb) and things continue as normal, with the taxpayer picking up the tab as always. Maybe there are a few minnows left whose customers can be farmed out; if so, they're doing well !
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Well I'm glad I fixed it then a month or so back, it looked fairly obvious at the time the cap was going to go up next year so I'm not sure why you wouldn't have fixed it if your deal was up around that time.
 
Mmm. So I just had a quick look, turns out I can switch from Bulb to a Scotts Power 12mth fix for about a 66% increase (cheapest available). The most expensive fix is Ovo, 257% more expensive!

So a 50% cap in April would easily be my best deal — if the real cost turns out much more than that, the government will have to step in or there will be people on the streets (assuming they are willing to risk a 12 month jail term if the new Police bill passes).
 
robs said:
This worth a read:

https://www.moneysavingexpert.com/utilities/cheap-gas-and-electricity/

I managed to get a 1 year fix in October from Sainsburys (E.on).
Gas was 3.66p/kWh and 18.36p/day.

Just took a look and they are now offering a two year fix at 13.03p/kWh and 26.12p/day. GULP!
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Same here, my fixed renewal with BG in November was nowhere near a 40-50% potential rise in the cap next year so I just fixed it, even though the majority of advice was to go onto a variable tariff.
 
Meanwhile Putin sits in his leather armchair stroking his white cat with a smirk — lack of supply is "purely for commercial reasons".
 
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