Energy Price Fixing Bullcarp?

[davebro3]

Octopus are giving me options about fixing my gas/leccy prices for a fixed term. Saying - it's up to you!

How the friggin hell am I supposed to know if fixing will be better or not? I'm not an energy expert - just tell me which is better!

[barry1010]

I'm dithering over fixing, too. I'm not a gambler and that's exactly what it is

  

[newmodarmy]

They don't know for sure either, but they have an idea (most experts including Martin Lewis feel the 'cap' prices will edge up again at the next review) and set the differential between fixed and variable accordingly.

Have a look at what Martin Lewis suggests- he says something like -if the fix is less than 5% (I forget- check his figure) above the current standard variable, then take the fix. Also depends if you want peace of mind about unit rates.

[Old_Geezer]

I think it depends on how you feel. I avoid fixed price offers as they are always initially higher and I don't care to gamble on futures. But I'm sure others do and have gained sometimes.

 

I, too, would suggest https://www.moneysavingexpert.com for more considered advice.

[gingejbee]

I took a two-year fix (luckily) just before prices rocketed due to Ukraine invasion - so was paying less than half of what most customers were paying. I've taken yearly fixes ever since with Octopus's loyalty tariff and have not been disappointed.

[bhg481]

You need to go and see Gypsy Rosie Lee and ask her what's going to happen to fuel prices in the next 12 months and then decide whether or not to go for a fixed tariff. Other than guessing it's the only way to be sure to get it right.

[gingejbee]

^that's exactly what I did bhg...and crossed her palm with saliver.

[bhg481]

Yes Ginge, she's very good isn't she? I did the same as you just before covid on her advice and came out smelling of roses.

[Fitzer]

As a supplier they aren't allowed to tell you what to choose. 

[Hopkirk]

Any person who can predict the future would be very rich.

Personally I expect prices will drop again next summer like this year. If you have fixed you won't get that benefit.

[barry1010]

Unless the fix has no early exit penalties 

[barry1010]

I've been looking at Outfox the Market but I'm wary

[Canary42]

The options are fix it or leave it to them - your obvious choice would be the latter. Happy now ?

[Hopkirk]

The time to fix was probably mid summer, not when an increase has already been announced.

[Buenchico]

Others have already suggested taking a look at the MSE website.  To save you having to hunt around for the relevant info on that site though, I suggest clicking on "Is now a good time to get a fixed energy deal?" (under 'Energy tariff FAQs') here:
https://www.moneysavingexpert.com/utilities/energy-tariffs-explained/
Then click on the relevant link(s) from there.

[davebro3]

I'll probably leave it for now. I've changed supplier a number of times in the past for better deals and was moved to Octopus last year when Shell left the business. My (old) SMETS1 smart meter has continued to work ok but it might not do if I left Octopus.

[davebro3]

thx for the replies

[Vagus]

We fixed ours.OH does all the sums etc and decided to fix it.

[Vagus]

It was a couple of months ago though, the deal we got isn't now available.

[theshedman]

We are with EON Next and have one which is always £50 a year under the price cap with no exit fees.  

[barry1010]

I've just fixed with EON.  3% below the price caps and no exit penalties.