Should I fix my energy prices?

[Adsibob]

Octopus have offered me a “loyal Octopus” 12 month fixed price deal. This is the offer:

 

I’m currently on their flexible tariff. Should I fix now, or hold out till wholesale prices fall further?

 

 

[SteamyTea]

Wait.

https://www.statista.com/statistics/374970/united-kingdom-uk-gas-price-forecast

[Iceverge]

Gas looks cheap and electricity looks expensive. 

 

What are your annual usages of both? 

[Redoctober]

Yes I think I would be looking to wait too given those figures They don't look that appealing to be honest.

 

I'm with Eonnext and currently on a contract which finishes in Feb 2024 - I'm paying 63p a day and 27p per unit. With any new contract, I would be looking for a much lower unit price than what I am paying now and certainly lower than what you are being offered. The difference between our day rates amounts to about £73 per year - £6 a month ! 

 

I'm sure there will be better deals to come, so if I were you, I would hold out.

[SteamyTea]

56 minutes ago, Redoctober said:

The difference between our day rates amounts to about £73 per year - £6 a month

I don't understand that.

Is it because of your usage pattern?

 

Here are my current rates for E7, in the SW, the most expensive place in England.

Electricity day unit rate: 40.86p per kWh
Electricity night unit rate: 15.05p per kWh
Daily standing charge: 65.19p per day

 

Day 83 kWh, night 264 kWh, for the last 66 days.

5.25 kWh/day.

 

Once taxes and rentals are added, that works out at 33.4p/kWh

 

Edited August 18, 2023 by SteamyTea

[Adsibob]

On 17/08/2023 at 19:48, Iceverge said:

Gas looks cheap and electricity looks expensive. 

 

What are your annual usages of both? 

Not sure about annual, but taking an average of the two coldest months last winter and two warmest months this summer, we used:

 

in winter:

475kwh of electricity per month; and

2700kwh of gas per month.

 

in summer:

440kwh of electricity per month

490kwh of gas per month
 

We cook only with electric, but we heat our HW with gas, so that explains the minimal fluctuations in electricity.

 

 I’m sure I’ve mistyped the SI unit, so no doubt @SteamyTea will correct that.

[JohnMo]

I'll beat @SteamyTea to it

 

kWh

[Big Jimbo]

You are paying too much. Get under the floorboards and tap into you neighbours electricty. That will save you a few bob. Or bi-pass the meter like they do in a hash growing house.

[MikeSharp01]

37 minutes ago, Adsibob said:

in winter:

475kwh of electricity per month; and

2700kwh of gas per month.

 

in summer:

440kwh of electricity per month

490kwh of gas per month
 

Is there any PV in the mix anywhere here?

[TonyT]

My rates with Octopus attached for comparison 

[Adsibob]

23 hours ago, MikeSharp01 said:

Is there any PV in the mix anywhere here?

No, unfortunately. Looked into it at the time, including by contacting the contractors approved by a Mayor of London subsidised scheme. Was an absolute ripoff. This was back in 2019, before prices went crazy.