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UK Gas and Electricity Crisis Looming

Martin Lewis is suggesting if you can find a fix that's no more than 25% of what you're current annual statement you received recently, then it might be worth going for. Whilst more expensive than the incoming price cap, it will likely get you through the next winter without having to hit the heights of whatever pain the October price cap will come in at.

More info, and the complicated maths behind it: https://www.moneysavingexpert.com/news/2022/03/energy-price-hikes-is-now-time-to-fix/

1646419190400.png
 
cybershot said:
Martin Lewis is suggesting if you can find a fix that's no more than 25% of what you're current annual statement you received recently, then it might be worth going for. Whilst more expensive than the incoming price cap, it will likely get you through the next winter without having to hit the heights of whatever pain the October price cap will come in at.

More info, and the complicated maths behind it: https://www.moneysavingexpert.com/news/2022/03/energy-price-hikes-is-now-time-to-fix/

View attachment 312823
Click to expand...

You'd be very lucky to be offered such rates now (was a different matter a couple of weeks ago).

For example my current supplier is offering fixed rates more than 100% higher than the April cap (16.77p gas and 53.36p electric).
 
platinumsage said:
You'd be very lucky to be offered such rates now (was a different matter a couple of weeks ago).

For example my current supplier is offering fixed rates more than 100% higher than the April cap (16.77p gas and 53.36p electric).
Click to expand...
Yep. Fixed deals seem to vanish daily. There was one I was considering a week ago. It’s gone now. Anything I can get fixed now is well over the 25% of what I’ll be paying in April anyway. October is going to be crushing.
 
I am on a flexible tariff at the moment. I can accept a fixed tariff which is about 40 quid a month more than I’m currently paying. I’m guessing it’s better in the current climate to accept the fixed tariff rather than risk the horror that may be the flexible one?
 
purenarcotic said:
I am on a flexible tariff at the moment. I can accept a fixed tariff which is about 40 quid a month more than I’m currently paying. I’m guessing it’s better in the current climate to accept the fixed tariff rather than risk the horror that may be the flexible one?
Click to expand...

What are the KWh unit rates you're being offered?
 
platinumsage said:
What are the KWh unit rates you're being offered?
Click to expand...

So currently gas is 23.8p a day and electric is 20.7 during the day and 15.3 during the night. Have just checked this morning and this offer has reduced to less per month than it was yesterday, with gas at 9p a day and electric at 37p for day and 24p at night. I have no idea why the gas is suddenly so cheap. I’m with Octopus and am in credit by a significant amount, having never bothered to submit meter readings until recently. I’ve requested the credit amount back into my bank account as there’s no option, at least without phoning them, to reduce my DD.
 
purenarcotic said:
So currently gas is 23.8p a day and electric is 20.7 during the day and 15.3 during the night. Have just checked this morning and this offer has reduced to less per month than it was yesterday, with gas at 9p a day and electric at 37p for day and 24p at night. I have no idea why the gas is suddenly so cheap. I’m with Octopus and am in credit by a significant amount, having never bothered to submit meter readings until recently. I’ve requested the credit amount back into my bank account as there’s no option, at least without phoning them, to reduce my DD.
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There should be a standing charge per day, which you pay every day regardless, and a unit price per KWh which is how you pay for what you actually use. The KWh price is by far the most significant and is what you should look at when comparing.

I think your offer is 9p per KWh gas and 37p per KWh for day electric and 24p per KWh for night. I assume the 23.8p is your current gas standing charge, the current price per KWh should be less, maybe around 4p?

If you can fix at the prices underlined until next spring at least, I would probably go for it. It's more than the current cap, but likely less than the cap from October. Over summer you will use less, so it makes sense to lock in what will probably be probably sub-cap prices for next winter. You can always leave the deal early if prices unexpectedly plummet over the coming months.

The oil price went up from $115 to $130 last night alone, so don't hang about.
 
platinumsage said:
There should be a standing charge per day, which you pay every day regardless, and a unit price per KWh which is how you pay for what you actually use. The KWh price is by far the most significant and is what you should look at when comparing.

I think your offer is 9p per KWh gas and 37p per KWh for day electric and 24p per KWh for night. I assume the 23.8p is your current gas standing charge, the current price per KWh should be less, maybe around 4p?

If you can fix at the prices underlined until next spring at least, I would probably go for it. It's more than the current cap, but likely less than the cap from October. Over summer you will use less, so it makes sense to lock in what will probably be probably sub-cap prices for next winter. You can always leave the deal early if prices unexpectedly plummet over the coming months.

The oil price went up from $115 to $130 last night alone, so don't hang about.
Click to expand...

Standing charge is currently 23p for gas and 25p for electric. On the new plan the electric stays the same but gas goes up to 26p. And yes there’s no exit fees so I can change whenever I want. I think I might go for it, yesterday it was quoting a price of 138, now it’s 129.
 
bcuster said:
I just paid 4.11 us for a gallon of ⛽️. Just a few days ago it was 3.36
Click to expand...
Apparently the equivalent price in the UK is $7.68 - I'm not sure if that's adjusted for relative wealth in the two countries - of course geography and fuel economy will be significant too ...

www.globalpetrolprices.com

United Kingdom gasoline prices, 05-Dec-2022 | GlobalPetrolPrices.com

Gasoline prices per litre, octane-95: We show prices for United Kingdom from 29-Aug-2022 to 05-Dec-2022. The average value for United Kingdom during that period was 1.65 U.K. Pound Sterling with a minimum of 1.59 U.K. Pound Sterling on 05-Dec-2022 and a maximum of 1.71 U.K. Pound Sterling on...
www.globalpetrolprices.com www.globalpetrolprices.com
 
gentlegreen said:
Apparently the equivalent price in the UK is $7.68 - I'm not sure if that's adjusted for relative wealth in the two countries - of course geography and fuel economy will be significant too ...

www.globalpetrolprices.com

United Kingdom gasoline prices, 05-Dec-2022 | GlobalPetrolPrices.com

Gasoline prices per litre, octane-95: We show prices for United Kingdom from 29-Aug-2022 to 05-Dec-2022. The average value for United Kingdom during that period was 1.65 U.K. Pound Sterling with a minimum of 1.59 U.K. Pound Sterling on 05-Dec-2022 and a maximum of 1.71 U.K. Pound Sterling on...
www.globalpetrolprices.com www.globalpetrolprices.com
Click to expand...
Remember that US gallons are smaller than UK ones at 3.785Ltrs vs 4.456Ltrs
 
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