Soldato
Not sure sorry, it's all just in the quote they gave me, they haven't broken down any of the costs and I didn't really want to ask them to, as the overall price was good.
Energy Prices (Strictly NO referrals!)
- Thread starter DXP55
- Start date
Not sure sorry, it's all just in the quote they gave me, they haven't broken down any of the costs and I didn't really want to ask them to, as the overall price was good.
Soldato
Those who fix now will be losing out by quite a lot if the government do implement something big like a cap at current levels.
This is the horrible thing about this.
Tories are waiting to make a headline grabber when they come out.
Meanwhile average person is trying to stay afloat and deciding whether to fix with this potential new unit cap being potentially much lower than any fixes.
Disgusting
have you put seasonal variation of use in your spreadsheet (regular monthly payments suggested no) - that exacerbates the january hike and potential fixed benefit;
havent yet done it personally & w/o having monthly use, was going to use (scaled) typical variation from cap modelling.
if only it were black&white like the Guardian tell their readers.
so the government is theorised to have blocked hedging by bulb because no one would buy it if had that encumbrance (despite stabilization charge ?)
You try and fix with no/low exit fees.
Soldato
This fix with EDF I could have done may well start looking like I messed up by not taking it when I could! 
forums.overclockers.co.uk
This is getting ridiculous (energy prices - Strictly NO referrals!)
loving the extreme panic in this thread its like reading a red top paper, inflation cycles happen, was not that long ago interest rates on mortgages where 5 times higher than what they are today, these things work in circles. we will all have to tighten our belts and start lobbying on...
forums.overclockers.co.uk
Soldato
Assuming you can drop back onto no contract/default cap. Which I'm not sure you can.
But can you exit back onto svr with same supplier?
With Eonnext you can.
Anyone looking at v19 should probably snap it up as v20 will probably appear as soon as the price cap is officially announced.
Soldato
Really bad timing to all this. The whole price cap news and change over is in next weeks. ALso the Tory leadership results wont be out till about the same time so yea they are likely to alter something with the new administration wanting to appear different. I dont know if it'll take them until December when theres sometimes budget news ?
Fix with no lock in sounds like not the worst thing but its all a stop gap, the fix ends anyway so only solar installs and reducing costs or heat loss is genuinely altering the situation.
Until RR starts up half a dozen small scale power stations based off submarine nuclear engines, thats end of the decade so ages away at best. You can hope for peace but Putin isnt changing his character, if anything he is more likely to cut off Germany altogether and spike our prices.
2017... https://www.theregister.com/2017/05/24/mini_nuclear_reactors_for_british_power/
Soldato
Depends if you have large exit fees I guess
This fix with EDF I could have done may well start looking like I messed up by not taking it when I could!
This is getting ridiculous (energy prices - Strictly NO referrals!)
loving the extreme panic in this thread its like reading a red top paper, inflation cycles happen, was not that long ago interest rates on mortgages where 5 times higher than what they are today, these things work in circles. we will all have to tighten our belts and start lobbying on...
Still kicking myself for not taking a 2 year fix with BG at very low (well, high at the time) rates back in April
Soldato
That is mine. My Summer and Winter month will be pretty much same and I have rounded figures up for a slight tolerance. Heating/Gas use was less in November to Feb because kept heating off but I didn't record for figures back then as wasn't relative to future costs.
It went up in April & May because doing more gas cooking which since have cut back down again in June, July (was away 10 days) & August. August is actually looking more like 225kWh for gas based on the unit figures on meter but just about right for the electric use.
So that is where I am comparing what my expected months prices will be come October and January updates. I have also assumed the daily charge will increase by the same % in this. Now comparing that to my fixed offer it would cost me an additional £250.46 so there is zero reason to fix. Come April though I would be underpaying by £32.97 assuming the current April prediction. However that means it would take 7.6 months before I would be better off fixed and that of course would take me to November 2023 before that break even point.
If prices drop sooner or there more support I will be better off and if it gets worse sooner my break even point will be shorter and so that is currently my best risk to take looking at the data. I would also be better off if the daily charge doesn't increase by same % as the general unit increase does but shall see with that too.
Edit: I have also just assumed 31 day months for everything in this as just haven't got around to updating but it wouldn't change much all in tbh. Correcting the days just means a monthly underpayment average of £31.66 instead and 7.93 months meaning it would be December 2023 then before I would be worse off.
At least one of the big energy companies specifically allows you to do that, if it's something you're allowed to do with all suppliers I don't know. It's best to hedge your bets with no/low exit fees then there's no/minimal cost if you can switch to, or fall back on, the SVR.
Soldato
This is exactly my thinking and fixed on v19 yesterday (comes into effect on 7 October). If the government does wake up, I have the option to fall back on the SVR tariff.
Only if you fix to a deal with exit fees. Eon next have no exit fees and confirmed you can switch to their standard rate at any time. But you’re right, I’d be cautious about fixing to a deal with fees.
No, probably could do something but I’ve just averaged out the cost over the year - I know some like to pay actual usage but I prefer to average it out over the year.
Soldato
We are lucky really.
We have oil fired central heating, we brimmed our tank in March just before the Ukraine thing was kicking off, heating oil prices did spike after, but like petrol they are coming back down again.
And due to luck and lack of awareness, we had not fixed our enery for a year or so, maybe two prior. We were paying the 30 pence cap and used to that I guess, we fixed in June this year at 35p a unit, until June 2024.
So we wont be paying any more than we are used to really until then. I will be keeping an eye on oil prices but they are creeping down. We go solar installed (although not a super fancy system) that should also cut out about a third of what we pull from the grid and will reduce oil consumption (a little) as well due to a solar excess hot water diverter.
So all in all, our bills are not going to go up, maybe reduce slightly over the next few years at least. Yes of course there was a bit of capital invested in the solar but even so I dont think we would be affected too much. We both work from home (which the solar covers) so we have a ton of money in fuel costs as well.
Obviously it very much depends on circumtances.
There will be a knock on to businesses though, which will knock on to prices, I also have concerns over the economy in general though. The next 6 months are going to be interesting.....
We have oil fired central heating, we brimmed our tank in March just before the Ukraine thing was kicking off, heating oil prices did spike after, but like petrol they are coming back down again.
And due to luck and lack of awareness, we had not fixed our enery for a year or so, maybe two prior. We were paying the 30 pence cap and used to that I guess, we fixed in June this year at 35p a unit, until June 2024.
So we wont be paying any more than we are used to really until then. I will be keeping an eye on oil prices but they are creeping down. We go solar installed (although not a super fancy system) that should also cut out about a third of what we pull from the grid and will reduce oil consumption (a little) as well due to a solar excess hot water diverter.
So all in all, our bills are not going to go up, maybe reduce slightly over the next few years at least. Yes of course there was a bit of capital invested in the solar but even so I dont think we would be affected too much. We both work from home (which the solar covers) so we have a ton of money in fuel costs as well.
Obviously it very much depends on circumtances.
There will be a knock on to businesses though, which will knock on to prices, I also have concerns over the economy in general though. The next 6 months are going to be interesting.....
Thanks for that, really appreciate it. Makes sense to fix then, especially with the no exit fees.It’s not perfect as it just averages out your usage over the year, and I can’t factor in your actual usage profile. But rough maths suggest you’re better off fixing.
You’d be £236 average a month by fixing.
Over 12 months you’d average £247 if you didn’t fix.
Happy to welcome any critique on my formulas though!
I didn't realise it was fixed for a year.
I think considering my low gas use I don't think it would save all that much in the long run.