Gas and Electric fix?

[2b2bdoo]

Can anyone help, seems to be all over the news this morning, Ive read so much and still so confused. I
Know it’s been going on a while now but I feel like I should be doing something.



My current Gas & Electric is on a variable tariff

Gas 7.43 kWH - Standing Charge 27.22

Electric 28.29kWH - Standing Charge 47.88



The fixed ive been offered is

Gas 18.90 kWH - Standing Charge 27.22

Electric 67.49 kWh – Standing Charge 47.88



I have no idea what im supposed to do (If anything). Any help from someone that understands it a little more would be appreciated.

[JumpersforGoalposts]

Re: Gas and Electric fix?

Current and the next "cap" rates are here:

https://www.ofgem.gov.uk/check-if-energy-price-cap-affects-you

Given that the current expectation is for the cap to rise by at least 30% next Jan I would say that the fix you have been offered is well worth considering.

[EastbourneBlue]

Re: Gas and Electric fix?

Current and the next "cap" rates are here:

https://www.ofgem.gov.uk/check-if-energy-price-cap-affects-you

Given that the current expectation is for the cap to rise by at least 30% next Jan I would say that the fix you have been offered is well worth considering.

Even though the fix offered is way beyond 30% more?

Confusing times

[JamesWales]

Re: Gas and Electric fix?

Current and the next "cap" rates are here:

https://www.ofgem.gov.uk/check-if-energy-price-cap-affects-you

Given that the current expectation is for the cap to rise by at least 30% next Jan I would say that the fix you have been offered is well worth considering.

These are extraordinary rises, the only benefit is that the standing charge is barely changing, so using less is the key.

You've been quoted what seems to be well above the price cap, which is confusing. I would ring them.

[JumpersforGoalposts]

Re: Gas and Electric fix?

Even though the fix offered is way beyond 30% more?

Confusing times

It depends how long the fix is and what happens next year. Currently it is being suggested the cap will rise by around 30% at each of the next three quarters to be approx double the current level in a year.
If this fix is for a year then in effect the rate is 30% more than the cap for the first three months, then approx the cap for three months, then approx 30% below the cap for three months, and finally approx 60% below the cap for three months.
The most important consideration is that it gives you certainty about the charges you face for the next year.

[JumpersforGoalposts]

Re: Gas and Electric fix?

These are extraordinary rises, the only benefit is that the standing charge is barely changing, so using less is the key.

You've been quoted what seems to be well above the price cap, which is confusing. I would ring them.

The cap only applies to variable tariffs, not fixed tariffs.

[Rjk]

Re: Gas and Electric fix?

These are extraordinary rises, the only benefit is that the standing charge is barely changing, so using less is the key.

You've been quoted what seems to be well above the price cap, which is confusing. I would ring them.

the price cap is for people on a variable rate

If you choose to switch to a different rate there is no cap and it will be a lot higher

[SLUDGE FACTORY]

Re: Gas and Electric fix?

What a nightmare for vulnerable people this all is

Of course it's not the same as what the poor people of Ukraine are going through but its still so worrying 😢

[2b2bdoo]

Re: Gas and Electric fix?

It’s a 12 month fix with Octopus that’s been offered. Martin Lewis said if it’s just above double it is probably worth it bitumen it seems a lot more to me. Hardly an exciting choice either way.

[JumpersforGoalposts]

Re: Gas and Electric fix?

It’s a 12 month fix with Octopus that’s been offered. Martin Lewis said if it’s just above double it is probably worth it bitumen it seems a lot more to me. Hardly an exciting choice either way.

Double the current cap is a "no brainer", but now they've announced the new cap (from 1st October) you aren't going to get anything like those rates at the moment.
I would ask how long this fix is available for and consider taking it in a month's time if possible.

[SLUDGE FACTORY]

Re: Gas and Electric fix?

Double the current cap is a "no brainer", but now they've announced the new cap (from 1st October) you aren't going to get anything like those rates at the moment.
I would ask how long this fix is available for and consider taking it in a month's time if possible.

Oh for the days when our gas , water and electricity was just 1 company each

And the bloody phone !

[JumpersforGoalposts]

Re: Gas and Electric fix?

Oh for the days when our gas , water and electricity was just 1 company each

And the bloody phone !

Privatisation has introduced a lot of choice (under the guise of increased competition to benefit consumers), but it also means a lot of hassle sorting through the options!

[life on mars]

Re: Gas and Electric fix?

It's going to be sorted ..

If you can't pay write now to your provider on the basis of not being able .. advanced communication keeps the fines away legally ..

[North Cardiff Blue]

Re: Gas and Electric fix?

Can anyone help, seems to be all over the news this morning, Ive read so much and still so confused. I
Know it’s been going on a while now but I feel like I should be doing something.



My current Gas & Electric is on a variable tariff

Gas 7.43 kWH - Standing Charge 27.22

Electric 28.29kWH - Standing Charge 47.88



The fixed ive been offered is

Gas 18.90 kWH - Standing Charge 27.22

Electric 67.49 kWh – Standing Charge 47.88



I have no idea what im supposed to do (If anything). Any help from someone that understands it a little more would be appreciated.

You don't have to remain with your existing provider, use a comparison site like uswitch and see what switches are available, check Martin Lewis site, until recently he was saying there is not much point in fixing now, but that may have changed?

[North Cardiff Blue]

Re: Gas and Electric fix?

Can anyone help, seems to be all over the news this morning, Ive read so much and still so confused. I
Know it’s been going on a while now but I feel like I should be doing something.



My current Gas & Electric is on a variable tariff

Gas 7.43 kWH - Standing Charge 27.22

Electric 28.29kWH - Standing Charge 47.88



The fixed ive been offered is

Gas 18.90 kWH - Standing Charge 27.22

Electric 67.49 kWh – Standing Charge 47.88



I have no idea what im supposed to do (If anything). Any help from someone that understands it a little more would be appreciated.

Do you know what your annual usage is for gas and electric, you'll need that to compare?

I fixed before all this in Sept 21 until March 2024, that was the longest deal I could get at the time.

Now there is little choice as it is so volatile I don't think the providers are offering a decent fixed rate.